Tether CEO responds to skepticism following KPMG's first full audit: We have proven ourselves multiple times

Odaily Planet Daily News In an interview with The Block, Tether CEO Paolo Ardoino responded to ongoing criticism from outsiders even after KPMG U.S. completed its first full financial audit. He stated that some critics are unable to admit their past judgments about Tether were wrong, adding, "Honestly, I don't care."

Ardoino said Tether has proven its resilience multiple times. He mentioned that in 2022, Tether processed $7 billion in redemptions within 48 hours, equivalent to approximately 10% of its reserves at the time, without pausing redemptions. He believes many traditional financial institutions would struggle to handle withdrawals of a similar scale in such a short period.

He also stated that criticism itself is not a bad thing, as it makes Tether better and stronger. Even if some critics view it as a "villain," as long as Tether can continue to serve the 650 million users who allegedly rely on USDT—especially those in emerging markets—he has no issue with that.

According to sources familiar with the matter, Tether, as a private company, does not publicly share audited financial statements. The company plans to conduct a full audit annually in the future while continuing to publish quarterly attestation reports. Overall, the KPMG audit represents an important step for Tether in enhancing transparency, but controversies surrounding its reserves, level of disclosure, and systemic impact have not fully subsided. (The Block)