Wall Street rises as materials and crypto stocks offset continued bond sell-off
Investing.com -- Tether announced Thursday that it has received its first full independent audit of its financial statements from KPMG US. The El Salvador-based stablecoin issuer did not release the audit publicly.
KPMG US issued an "unqualified audit opinion," meaning the statements "present fairly, in all material respects, the financial position," and that "the results of operations and cash flows for the period were accordance with US generally accepted accounting principles," Tether said in a statement.
Get instant alerts on market-moving headlines on InvestingPro — now 55% off.
"We can confirm that we issued an unqualified opinion on Tether International, S.A. de C.V.'s financial statements in accordance with AICPA standards for the year ending December 31, 2025," KPMG said in an email. "Due to client confidentiality, we have no further comment."
Tether previously stated it was unable to obtain an audit due to reputational concerns among major global accounting firms and the absence of standardized cryptocurrency regulations. The company instead published quarterly reserve attestations, which provided time-limited snapshots of its holdings rather than comprehensive audits.
The world's largest stablecoin issuer had sought to raise up to $20 billion at a $500 billion valuation in the past year. Some potential investors declined to invest in the company due to the lack of an independent audit. The fundraising was placed on hold, partly while awaiting the audit and partly due to the current cryptocurrency market downturn.
