Tether CEO Dismisses Post-Audit Criticism, Cites 2022 Redemption Resilience

Paolo Ardoino rejects lingering doubts after KPMG's first full audit, highlighting Tether's ability to process $7B in redemptions within 48 hours without suspension.

Woofun AI reports that Paolo Ardoino addressed persistent criticism following KPMG U.S.'s completion of Tether's inaugural comprehensive financial audit. He stated that some critics refuse to acknowledge past errors regarding Tether, adding, "honestly, I don't care." Ardoino emphasized the firm's proven resilience, citing the 2022 event where Tether processed $7 billion in redemption requests—approximately 10% of reserves at the time—within 48 hours without suspending operations. He noted that many traditional financial institutions would struggle to meet such withdrawal demands so quickly. While acknowledging that criticism can strengthen the company, Ardoino asserted that Tether remains focused on serving its 650 million users, particularly in emerging markets, regardless of being viewed as a "villain" by detractors.

Insiders revealed that Tether, as a private entity, will not publish audited financial statements publicly. The company plans to conduct annual full audits and continue issuing quarterly attestation reports. Although the KPMG audit marks a significant step toward transparency, debates concerning reserve composition, disclosure levels, and potential systemic impacts persist.