Tether CEO Brushes Off Criticism Following Company’s First Full Audit

Tether CEO Paolo Ardoino dismissed ongoing criticism of the stablecoin issuer following its first full financial audit, saying the company has already proven itself over the years and doesn’t dwell on skepticism. Speaking in an interview, he pointed to Tether’s handling of a major redemption event in 2022, when the company processed $7 billion in withdrawals within 48 hours without pausing redemptions, something he argued many traditional financial institutions would struggle to match.

Audit Details Spark Follow-Up Questions

Tether announced that accounting firm KPMG U.S. issued a clean, unqualified opinion on the 2025 financial statements of its main issuing entity. Some observers questioned whether the audit covered the full corporate structure or only a single subsidiary. Ardoino clarified that the audited entity is the sole issuer of USDT. Others raised concerns that Tether has not publicly released the full audited statements, though a source familiar with the matter said this is standard practice for privately held companies, noting that the documents are shared directly with regulators and banks upon request.

Delay Blamed on Past Regulatory Climate

Ardoino said the audit wasn’t delayed due to financial complexity, describing the company’s balance sheet as straightforward. Instead, he attributed the years-long wait to a previously unfriendly regulatory environment that made major accounting firms hesitant to work with crypto companies. He said a shift toward a more supportive regulatory stance allowed discussions with top accounting firms to resume, ultimately leading to the selection of KPMG.

Reserves Exceed Liabilities, Annual Audits Planned

The audited statements showed Tether’s reserves exceeded liabilities by $6.8 billion as of the end of 2025. The company plans to conduct full audits annually going forward while continuing its existing quarterly reserve attestations. Ardoino also addressed ongoing interest in Tether’s private shares, saying the company remains profitable and has no need for outside capital, though it would consider mission-aligned investors in the future.