What happened
KPMG issued an unqualified opinion on Tether's issuing entity financial statements for 2025, but the documents remain unpublished and the audit was not conducted under PCAOB standards.
Why it matters
Without published financial statements and an auditor's letter, it is impossible to independently assess the content of the audit, and the standards used differ from the PCAOB requirements stipulated by the GENIUS Act for licensed issuers in the United States.
KPMG issued an unqualified audit opinion on the 2025 financial statements for Tether's issuing entity in El Salvador. This is reported by The Defiant; Tether itself has published neither the financial statements nor the auditor's opinion letter.
The audit was conducted under AICPA standards, not PCAOB standards, which the GENIUS Act establishes for licensed issuers in the United States. Therefore, the event is significant not only as the first full audit of these financial statements but also as an example of the differences between the applied audit format and U.S. regulatory requirements.
Available information is based on metadata and a summary from a single independent source, rather than on documents published by Tether or KPMG. Without the actual reports, it is impossible to evaluate the scope of the audit, the disclosed metrics, or the practical significance of the obtained opinion.
Confirmed facts
- KPMG issued an unqualified opinion on the 2025 financial statements for Tether's issuing entity in El Salvador.
- The audit was conducted under AICPA standards, not PCAOB standards.
- The GENIUS Act establishes PCAOB standards for licensed issuers in the United States.
- Tether has not published the financial statements or the letter containing the auditor's opinion.
- Information was provided by The Defiant in a summary format; no primary published documents exist in the source package.
Context
This concerns the financial reporting of Tether's issuing entity in El Salvador and the comparison between AICPA standards and the PCAOB requirements specified in the GENIUS Act for licensed issuers in the United States.
What remains unknown
- Will Tether publish the 2025 financial statements themselves?
- Will KPMG's letter containing the audit opinion be published?
- Which metrics and assets did the audit cover?
- How does this audit relate to the PCAOB requirements for licensed issuers in the United States?
Editorial context
Confidence: medium
The likely consequence is increased attention to which specific documents and standards are used to confirm the issuer's reporting. The next observable signal will be the publication of the reports and letter by Tether or KPMG. Significant uncertainty remains: only a brief summary from one source is available, and the content of the audit has not been disclosed.