What to know:
- Tether denies plans for its own blockchain and will keep USDT available across networks.
- Tether reports 184.6 billion USDT in circulation and over 60% stablecoin market share.
- KPMG issues an unqualified opinion after auditing Tether International’s 2025 accounts.
Tether has denied reports that it plans to build a blockchain. CEO Paolo Ardoino confirmed the position in an X post on Saturday. He said the company would remain blockchain-agnostic while supporting USDT across networks.
Ardoino responded to a report that linked Tether with companies developing stablecoin-focused chains. The report named payment firm Stripe, which is developing Tempo, and Circle, which is developing Arc. He rejected the comparison and said the issuer had no plan to create its own network.
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How Tether Supports USDT Across External Blockchain Networks
The company has supported independent projects aimed at stablecoin use, including Stable and Plasma. Those investments do not mean it intends to operate a proprietary chain. Ardoino said Tether instead favors external Layer 1 and Layer 2 systems that can carry its tokens.
The company’s approach allows USDT to remain available on several outside networks. Ardoino described those chains as transport layers for the stablecoin rather than assets that the firm must own. This policy separates token issuance from the management of underlying blockchain infrastructure.
This announcement came as the firm expanded its stablecoin business. The company released its second quarter of 2026 attestation on July 31, prepared by BDO. It recorded about 184.6 billion USDT in circulation as of June 30.
This supply amount has gone up by approximately $446 million from the previous quarter. Tether also said that the percentage of USDT to the total stablecoin market surpassed 60%. It made the declaration despite the industry seeing a contraction within the quarter.
What KPMG Reviewed in Tether’s 2025 Financial Audit
The attestation showed roughly $1.5 billion in net operating profit. The company claimed that the source of its income was primarily its U.S. Treasury bonds and repurchase agreements.
The document also recorded a larger reserve buffer, strengthening the financial cushion behind its issued tokens.
Ardoino’s statement followed another reporting milestone for the stablecoin issuer. KPMG’s US arm issued an unqualified opinion on the 2025 financial statements of Tether International Limited. The audit covered the year that ended on December 31, 2025.
This involved the international unit issuing the USDT. KPMG audited supporting documentation and the overall financial standing of the company.
This included asset and liability management, transactional records, accounting methods, and valuations within the year under review.
Why Tether Calls Its Full Financial Audit a Major Milestone
It comprised the examination of assets, liabilities, transactions, accounting systems, and valuation/cash flows of the entity. The review was more comprehensive compared to the attestation used in earlier public reporting.
Such reports only evaluated the asset support of the USDT on specified dates and not full annual financial statements.
In an interview with The Block, Ardoino described big four auditing as a significant milestone. According to him, the traditional financial institutions had started evaluating the technology developed by the company. The CEO added that the team welcomed the completion of the review.
Auditing the issuer of USDT is technically easy, according to Ardoino. He noted this due to the restricted scope of balance sheet assets, records, and controls.
Both the audit and the blockchain approach show that Tether will concentrate on distributing USDT across various blockchains.
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