Tether CEO Defends Company Following KPMG Audit Amid Ongoing Criticism

ChainCatcher reports that Tether CEO Paolo Ardoino, in an interview with The Block, responded to ongoing criticism following KPMG U.S.’s completion of its first full financial audit. He said some critics are unable to admit they were wrong about Tether in the past, adding, “To be honest, I don’t care.” Ardoino emphasized that Tether has repeatedly demonstrated its resilience, citing how, in 2022, it processed $7 billion in redemptions within 48 hours—equivalent to about 10% of its reserves at the time—without suspending any redemptions. He noted that many traditional financial institutions would struggle to handle withdrawals of such magnitude in such a short timeframe. He also stated that criticism itself is not inherently bad, as it helps Tether become better and stronger. Even if some critics portray Tether as the “villain,” he is unconcerned as long as Tether continues serving the 650 million users who rely on USDT, particularly in emerging markets. According to sources familiar with the matter, as a private company, Tether does not publicly release its audited financial statements. The company plans to conduct a full audit annually while continuing to issue quarterly attestation reports. Overall, the KPMG audit represents a significant step toward greater transparency for Tether, but debates surrounding its reserves, level of disclosure, and systemic impact have not been fully resolved.