Tether CEO dismisses audit critics after first KPMG audit, citing private company status for not publishing audited statements.
DeFi & Yields ·
Tether's CEO dismissed criticism of the stablecoin issuer's audit practices, stating indifference to public scrutiny following completion of the company's first KPMG audit. A source with direct knowledge of the matter explained that Tether does not publicly release its audited statements because the company operates as a private entity, a justification offered in response to longstanding calls for greater transparency.
The audit marks Tether's first engagement with a major global accounting firm, representing a shift from the company's historical reliance on internal assurances and periodic attestations. The decision to work with KPMG followed years of pressure from regulators, researchers, and industry participants questioning the company's reserves and operational structure. However, the non-public nature of the audit results means the actual findings remain inaccessible to external observers.
Whether KPMG's audit will be eventually published in any form, and whether Tether's private-company status will continue to shield its audit results from public disclosure, remain unresolved. The stance suggests potential ongoing friction between the company's governance approach and market expectations for accountability among major stablecoin issuers.