Tether CEO Paolo Ardoino has recently pushed back against ongoing criticism from parts of the crypto community after the company completed its first full independent financial audit. In comments made shortly after the results were disclosed, Ardoino said persistent skepticism from detractors does not concern him, emphasizing that the AI- and digital assets-focused firm Tether has repeatedly demonstrated its operational strength.
On August 13, 2026, Tether announced that KPMG US had issued an unqualified opinion—the most favorable outcome an independent auditor can provide—on the 2025 financial statements of Tether International, S.A. de C.V., the entity that issues the USDT stablecoin.
The review, conducted under AICPA standards, examined assets, liabilities, transactions, systems, documentation, and supporting evidence.
Auditors also physically inspected and verified every gold bar held in reserves rather than depending solely on custodian reports.
The statements showed reserves exceeding liabilities by roughly $6.8 billion as of December 31, 2025.
Tether described the process as the largest inaugural financial audit in history and a major milestone after years of relying primarily on quarterly reserve attestations.
The company noted that the audit complements its existing transparency measures and confirms the quality of prior public reports.Some industry observers continued to raise questions about the audit’s scope, noting it covered Tether International specifically and that the full report was not released publicly.
Ardoino clarified that Tether International is the sole issuer of USDT.
As a private company, Tether follows standard practice among non-public firms by not publishing the complete audited documents.
Responding to the lingering criticism, Ardoino stated that some detractors appear unable to acknowledge they were mistaken about the company.
He generally expressed indifference to the commentary, noting that Tether has proven itself on multiple occasions.
He cited the firm’s handling of approximately $7 billion in redemptions over 48 hours in 2022—representing about 10 percent of reserves at the time—without suspending withdrawals, a scale of outflow that many traditional financial institutions would find challenging.
Ardoino framed external scrutiny as useful, saying it helps the organization improve and become more resilient.
He indicated he is comfortable being viewed unfavorably by certain critics provided Tether continues to serve the hundreds of millions of users, especially in emerging markets, who rely on USDT for everyday financial needs that conventional systems have often left unmet.
No level of criticism, he said, will divert the company from its mission.
The clean audit opinion arrives as USDT’s market capitalization exceeds $180 billion.
Tether plans to continue with annual full audits alongside its regular quarterly attestations.
Company leadership has now reportedly portrayed the development as validation of its financial infrastructure and governance after years of intense public examination.
While questions around transparency and reserves have long accompanied Tether, the KPMG result represents a concrete step the firm had long committed to delivering. Ardoino’s post-audit remarks underscore a focus on proven performance and user service over engaging every critic.
