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SolanaFloor

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14 août à 16h33

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https://solanafloor.com/fr/news/tether-gets-full-audit-from-kpmg-but-questions-still-remain

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Stablecoin issuer Tether has completed its first full independent financial statement audit, with Big Four accounting firm KPMG U.S. issuing an unqualified opinion on the 2025 financial statements of Tether International, S.A. de C.V., the entity that issues $USDT. Tether says the audit represents the largest inaugural financial audit in history. [https://x.com/SolanaFloor/status/2087990727003525490?s=20] The stablecoin giant first announced in March that it had engaged a Big Four accounting firm. The audit marks a major change for the company, which has faced years of scrutiny over the assets backing the world's largest stablecoin. Tether has previously published quarterly reserve attestations, but a full financial statement audit examines a much wider range of information. KPMG Finds a $6.814 Billion Cushion In Tether’s press release, newly appointed CFO Simon McWilliams reports that the audited statements showed reserves exceeding liabilities by $6.814 billion at December 31, 2025. McWilliams, a seasoned finance executive with over 20 years of experience leading large investment management firms through rigorous audits, was appointed in March to drive the full audit and “spearhead Tether’s further commitment to transparency and regulatory readiness.”[https://x.com/tether/status/2087950194637779202?s=20] KPMG's unqualified opinion means the auditor concluded that the financial statements present Tether International's financial position and operating results fairly, in all material respects, under U.S. generally accepted accounting principles. Tether described the result as the highest form of opinion an independent auditor can issue. KPMG reviewed Tether's complete financial statements, including the balance sheet, income statement, changes in equity and cash flow statement. The work also covered transactions, ownership records, valuations, counterparties, internal systems and supporting documentation. One detail received particular attention. Tether says KPMG physically counted and inspected every individual gold bar held by the company, verifying each bar's existence and identifying information rather than relying solely on custodian or counterparty records. A Long-Delayed Milestone for Tether Tether first promised to complete a full financial audit in 2017, when it hired Friedman LLP. That relationship ended without a completed audit. The company later continued promising a full audit while publishing reserve attestations through external accounting firms. Tether's history also includes significant regulatory scrutiny. In 2021, the company agreed to pay $18.5 million to settle a New York Attorney General case concerning its reserves. The Commodity Futures Trading Commission separately fined Tether $41 million that year over claims that $USDT was fully backed by U.S. dollars. The Audit Covers Tether International, Not the Entire Corporate Group The result does not eliminate every question surrounding Tether. The audit covers Tether International, S.A. de C.V., the company that issues USDT. It does not represent a full audit of Tether Holdings, S.A. de C.V., the broader parent structure. That distinction matters because Tether operates through a complex corporate structure with numerous investments and affiliates. Critics argue that an audit of the issuing entity does not automatically resolve questions about transactions between the issuer, its parent and related companies. The audit also does not guarantee that Tether will always meet its obligations, nor does an unqualified opinion serve as an endorsement of the company's business model. It means the auditor found the financial statements fairly presented in accordance with the applicable accounting framework. Tether Faces a New Transparency Test The timing adds weight to the audit. The International Consortium of Investigative Journalists recently highlighted questions surrounding Tether's ownership, corporate structure and limited public disclosure. The report described Tether as one of the world's most valuable private companies while noting that the company has disclosed relatively little about its ownership. Tether CEO Paolo Ardoino called the KPMG opinion proof that the company's financial infrastructure and governance have evolved alongside its growth. He also declared that more than 650 million people across emerging markets rely on $USDT. [https://x.com/paoloardoino/status/2087950118746050804?s=20] The audit therefore closes one of Tether's longest-running transparency gaps, but it also raises the standard for what stakeholders may expect next. The key question now shifts from whether Tether can complete a full audit to how much of that audited information the company will make available and how it will address questions surrounding its wider corporate structure. Read More on SolanaFloor Forward Industries Acquires 254K $SOL as Solana DAT Giants Battle for Treasury DominanceDoubleZero Embraces Prediction Market Data, Adds Kalshi Orderbooks to Edge Dataset Crypto Cards Are About to Explode [https://www.youtube.com/watch?v=8xm47VhaJ1U]