Tether CEO Denies Blockchain Plans as Stablecoin Operations Grow

Tether CEO Paolo Ardoino acknowledged that the corporate shouldn’t be constructing a blockchain and has no plans to launch one. 

In an X put up on Saturday, Ardoino wrote, “Tether is NOT constructing any blockchain nor has plan to construct one. We stay agnostic and help many transport layers for our stablecoins.” 

Ardoino’s put up responded on to a report that grouped Tether with cost processing corporations like Stripe (growing Tempo) and Circle (growing Arc) as firms constructing devoted “stablechain” rails. Whereas Tether has backed impartial stablecoin-focused initiatives like Secure and Plasma, Ardoino reiterated that the corporate prefers sustaining transport neutrality throughout exterior Layer 1 and Layer 2 networks quite than controlling a proprietary chain.

Tether’s USDT provide retains rising

Ardoino’s feedback got here as Tether continued to broaden its core stablecoin operations.

Tether released its Q2 2026 attestation on July 31, ready by BDO. As of June 30, roughly 184.6 billion USDT have been in circulation, a rise of about $446 million from the prior quarter. Regardless of a decline within the general stablecoin market throughout the interval, Tether acknowledged that USDT’s market share rose to greater than 60%. 

The corporate reported roughly $1.5 billion in internet working revenue, primarily generated from its U.S. Treasury portfolio and repurchase agreements. The attestation additionally confirmed an expanded reserve buffer. 

KPMG completes Tether’s first full monetary assessment

Ardoino’s feedback got here simply days after Tether reported completing its first full independent financial statement audit. KPMG U.S. issued an unqualified opinion on Tether Worldwide Restricted’s monetary statements for the yr ended December 31, 2025.

In keeping with Tether, the audit represented a change from Tether’s earlier reporting strategy, which primarily relied on periodic impartial attestations of the property backing its issued stablecoins. 

The assessment lined Tether’s broader monetary statements and supporting information, together with its property, liabilities, transactions, accounting programs, valuations, and money flows.

Ardoino weighs in on Tether’s audit

In an interview with The Block, Ardoino mentioned the completion of the audit and its significance for Tether. He stated, “We constructed an incredible expertise. And the expertise that now’s checked out by additionally conventional monetary establishments as nicely.” 

He described the total monetary audit by a Massive 4 accounting agency as a serious milestone for the corporate and stated the workforce was enthusiastic about its completion.

When requested in regards to the difficulties Tether beforehand confronted in acquiring a full audit, Ardoino stated the audit of Tether Worldwide Restricted, the entity that points USDT, was technically simple as a result of the corporate has a restricted variety of asset courses on its steadiness sheet.

He additionally pointed to Tether’s record-keeping programs and inner administration processes as components that supported the audit.

What the brand new audit modifications for Tether

The audit utilized to Tether Worldwide Restricted, the entity that points USDT. Tether’s prior reporting primarily centered on reserve attestations, which offered an evaluation of property backing the stablecoin at particular reporting dates. 

The KPMG assessment expanded the scope to the total set of economic statements for the required interval. 

In the meantime, Ardoino’s newest X put up confirms that Tether intends to take care of its multi-network strategy for USDT quite than develop a proprietary blockchain.

The 2 developments level to separate facets of Tether’s technique: continued help for USDT throughout present blockchain networks and broader monetary reporting by a full impartial audit.

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