Tether CEO Responds to Criticism Following KPMG’s First Full Audit

ME News reports that on August 15 (UTC+8), Tether CEO Paolo Ardoino responded to ongoing criticism following KPMG U.S.’s completion of its first full financial audit in an interview with The Block. He stated that some critics are unable to admit their past judgments about Tether were wrong, adding, “To be honest, I don’t care.” Ardoino emphasized that Tether has repeatedly demonstrated its resilience. He noted that in 2022, Tether processed $7 billion in redemptions within 48 hours—equivalent to approximately 10% of its reserves at the time—without suspending any redemptions. He argued that many traditional financial institutions would struggle to handle withdrawals of similar scale within such a short timeframe. He also said 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 remains unfazed as long as Tether continues serving its 650 million users—particularly those in emerging markets—who rely on USDT. 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, though debates surrounding its reserves, level of disclosure, and systemic impact have not been fully resolved. (Source: ODAILY)