泰達幣審計與鑑證：對 USDT 持有者有何差異?

摘要

KPMG U.S. 完成 Tether International 年度財務報表的首次完整審計後，Tether 審計與 Tether 鑑證之間的差異變得更加重要。

多年來，Tether 定期發布專注於其儲備資訊的鑑證報告。這些報告就特定報告日期的具體管理層聲明提供第三方鑑證。

完整的財務報表審計具有更廣泛的目標。它會檢查財務報表及支持性證據，以便獨立審計師就報表是否在所有重大方面均依據相關會計框架公允呈現發表意見。

了解此區別有助於 USDT 使用者更準確地解讀透明度報告。

什麼是 Tether 鑑證？

Tether 歷來使用獨立會計師事務所，為其定期儲備報告提供鑑證。

鑑證通常會檢視特定的主題事項或管理階層聲明。

對 Tether 而言，這意味著檢視如下資訊：

• 回報的儲備資產;
• 已申報負債;
• 已發行數位代幣;
• 超額準備；
• 在指定報告日期的儲備組成。

例如，Tether 由 BDO 編製的 2025 年第四季鑑證報告涵蓋截至 2025 年 12 月 31 日的財務數據及儲備報告。在該報告框架下，Tether 報告資產超過 1,928.7 億美元，負債約為 1,865.4 億美元。

關鍵概念在於，證明針對的是一項明確定義的聲明或快照。

什麼是財務報表審計？

財務報表審計範圍更廣。

PCAOB 標準將審計目標描述為取得合理保證，確保財務報表不存在重大錯報，並就該報表是否根據適用的財務報告架構公允呈現發表意見。

Tether 表示，其 KPMG 審計檢查了包括以下領域：

• 資產負債表資產與負債;
• 收入;
• 現金流;
• 權益;
• 交易;
• 系統;
• 所有權記錄;
• 估值;
• 交易對手;
• 支持性證據.

KPMG 也向 Reuters 確認，其依據 AICPA 標準對 Tether International 的 2025 年財務報表出具了無保留意見.

審計與鑑證：簡單比較

此區分並不表示證明毫無價值。

相反，這兩種互動回答的是不同的問題。

為什麼 Tether 轉向完整審計很重要？

USDT 的運作規模足以讓透明度影響更廣泛的加密貨幣市場。

儲備證明可以回答：

“在所述標準下，截至該報告日期，所報告的資產是否超過所報告的代幣負債？”

完整的財務稽核更進一步回答：

“整體而言，公司的財務報表是否按照適用的會計框架公平呈列？”

這一更廣泛的範圍正是 Tether 的首次完整稽核引起重大關注的原因。

What Did KPMG Conclude?

KPMG U.S. confirmed that it issued an unqualified opinion on Tether International's financial statements for the year ending December 31, 2025.

Tether stated that those audited financial statements showed reserves exceeding liabilities by approximately $6.814 billion.

The company also said the audit included physical inspection of its gold holdings and examination of transactions, systems, ownership documentation, valuations and counterparties.

Does an Audit Mean Investors No Longer Need Reserve Attestations?

Not necessarily.

Annual audited financial statements and more frequent reserve disclosures can complement each other.

An annual audit provides depth.

Periodic reserve reporting provides frequency.

For a rapidly changing stablecoin balance sheet, both can be useful because circulating supply and reserve composition can change materially between annual reporting dates.

Why Frequency Still Matters for Stablecoins

Imagine a company completes an audit for December 31.

That audit provides assurance regarding the relevant reporting period, but stablecoin issuance continues every day afterward.

Users therefore still need more current information.

This is why periodic transparency reporting can remain valuable even after an annual audit has been completed.

Does an Audit Guarantee Every USDT Is Always Redeemable?

No.

Audits are not insurance policies.

PCAOB standards explicitly describe audit assurance as reasonable assurance, not absolute assurance.

An audit also cannot eliminate future:

• liquidity shocks;
• market disruptions;
• custody failures;
• regulatory changes;
• banking problems;
• operational risks.

Users should read an audit as evidence about financial reporting, not as a guarantee against every future event.

Where Can Users Learn More About USDT Reserves?

MEXC Learn has two useful background resources:

What Is USDT (Tether)? A Complete Guide for Cryptocurrency Beginners

and

How Tether Maintains Its 1:1 Peg: Mechanics of USDT Reserves.

Together with current issuer disclosures, these resources help explain why reserve quality, liquidity and third-party assurance matter for a fiat-backed stablecoin.

What Should USDT Holders Check in Future Reports?

Instead of asking only whether a report says “audit” or “attestation,” users can look deeper.

Important questions include:

1. Who performed the engagement?
2. What entity was examined?
3. What reporting period does it cover?
4. What accounting or assurance standards were applied?
5. What exactly was included in scope?
6. What type of opinion or conclusion was issued?
7. Is the report itself publicly available?
8. How liquid are the reserve assets?
9. How recently was the reporting date?

This produces a much more useful assessment than simply treating every third-party report as equivalent.

FAQ

What is the difference between an audit and an attestation?

An attestation provides assurance over defined information or assertions. A financial-statement audit examines the broader financial statements and supports an independent auditor's opinion on whether they are fairly presented.

Did Tether previously have audits?

Tether had regularly published reserve attestations. The KPMG engagement covering 2025 was its first full independent financial-statement audit.

Who audited Tether in 2026?

KPMG U.S. audited Tether International's financial statements for the year ended December 31, 2025.

What opinion did KPMG give Tether?

KPMG confirmed an unqualified opinion.

Is an audit better than an attestation?

A full financial-statement audit is broader, but attestations can still provide useful and more frequent reserve information. The two are complementary rather than completely interchangeable.

Is Tether’s full audit report publicly available?

Reuters reported that the audit itself had not been publicly released at the time of its August 14 report, even though KPMG confirmed issuing the unqualified opinion.