Tether CEO Paolo Ardoino pushed back on continued criticism of the stablecoin issuer after KPMG U.S. completed the company’s first full financial audit, saying some detractors still refuse to admit they were wrong about Tether. In an interview with The Block, Ardoino said he does not care about that criticism and argued the company has repeatedly shown it can withstand pressure.
As an example, he pointed to 2022, when Tether processed $7 billion in redemptions over 48 hours, or about 10% of its reserves at the time, without pausing redemptions. Ardoino said many traditional financial institutions would struggle to handle withdrawals of similar size in such a short period.
He also said criticism is not necessarily negative because it can make Tether better and stronger. Even if some critics see the company as a villain, Ardoino said he does not mind as long as Tether can keep serving what he described as 650 million users who rely on USDT, particularly in emerging markets.
According to people familiar with the matter, Tether, as a private company, will not publicly release its audited financial statements. The company plans to conduct a full audit once a year going forward while continuing to publish quarterly attestations.
Tether CEO Paolo Ardoino responded to continued criticism after KPMG U.S. completed the company’s first full financial audit, telling The Block that some critics still cannot accept that their past judgments about Tether were wrong.
「Honestly, I don’t care,」 Ardoino said. He added that Tether has already demonstrated its resilience multiple times.
Tether points to 2022 redemptions as evidence of resilience
Ardoino said that in 2022, Tether handled $7 billion in redemptions within 48 hours, equal to about 10% of its reserves at the time, and did so without suspending redemptions.
He said many traditional financial institutions would have difficulty dealing with withdrawals of a similar scale in such a short window.
Ardoino says criticism can strengthen the company
Ardoino also said criticism is not inherently bad because it can make Tether better and stronger. Even if some critics view the company as a villain, he said he does not mind as long as Tether continues serving what it says are 650 million users who depend on USDT, especially in emerging markets.
Questions remain over disclosure after the audit
According to people familiar with the matter, Tether, as a private company, will not publicly share its audited financial statements. The company plans to conduct one full audit each year in the future while continuing to publish quarterly attestation reports.
Overall, the KPMG audit marks an important step in Tether’s transparency efforts, but debate over its reserves, the extent of its disclosures, and its systemic impact has not fully faded.
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