Tether Passes Independent Audit, Exceeds Liabilities by $6.8 Billion
Tether's reserves have been scrutinized for years due to long-standing conspiracy theories that the company is not properly backed. To address these concerns, Tether brought in Big Four auditor KPMG to review its assets.
The audit confirmed that Tether holds approximately 150 tons of gold in a secret vault in Switzerland, exceeding liabilities by $6.8 billion. This physical count is a significant step towards transparency for the company.
Tether CEO Paolo Ardoino stated that the company no longer considers itself a crypto company, instead focusing on digital dollar and gold solutions for users worldwide. With over 650 million users across Africa and South America, Tether has become a vital resource for regions where national currencies have been devalued.
The company's next strategic focus is on foundational AI services for developing countries, aiming to provide affordable tools for healthcare, finance, sports, and other verticals. Ardoino expressed concern about the widening income inequality gap, which he believes could be compounded by an intellectual gap if not addressed.