Tether CEO Says He ‘Honestly Doesn’t Care’ About Criticism After KPMG Audit

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Paolo Ardoino, Tether’s chief executive officer, brushed off criticism that followed the company’s first formal audit by KPMG, saying he “honestly doesn’t care.”

Ardoino made the remarks in an interview on The Block’s podcast The Starting Block, The Block reported on August 14. “We have already proved ourselves many times,” he said. “It is actually good to be criticized. It makes us better and stronger.”

He pointed to Tether’s ability to handle large redemption requests. In 2022, Tether processed $7 billion of redemptions in 48 hours, or about 10% of its reserves at the time, without suspending withdrawals, Ardoino said. Many traditional financial institutions would struggle to absorb withdrawals of that size in such a short time, he added.

A day earlier, Tether said KPMG’s US arm had issued an unqualified opinion on Tether International’s 2025 financial statements. Some critics noted that the audit covered only a single subsidiary rather than the broader Tether group. Ardoino responded that Tether International is the only entity that issues USDT.

Tether also drew criticism for not releasing the full audit report. A source familiar with the matter said the company withheld the document because it is privately held, adding that many unlisted companies take the same approach.