Tether CEO Shrugs Off Criticism After First KPMG Audit

Tether, issuer of the world’s largest dollar-backed stablecoin USDT, had for years relied on point-in-time reserve attestations from BDO Italia rather than a full audit covering its financial statements and operations over an entire year. A review by a Big Four accounting firm was therefore seen as a crucial test of the company’s response to persistent questions about the assets backing USDT and the transparency of one of crypto’s most important sources of liquidity.

Tether said on Aug. 13, 2026, that KPMG U.S. issued an unqualified opinion on Tether International’s 2025 financial statements. The accounts showed reserves exceeded liabilities by $6.814 billion at year-end, while auditors also physically inspected its gold holdings. Chief Executive Paolo Ardoino said he did not care about continued criticism. People familiar with the matter said privately held Tether does not plan to publish the detailed audit report, limiting outsiders to the company’s disclosed findings.