Tether CEO Denies Blockchain Plans as Stablecoin Operations Grow

Tether CEO Paolo Ardoino stated that the company is not building a blockchain and has no plans to launch one. 

In an X post on Saturday, Ardoino wrote, “Tether is NOT building any blockchain nor has plan to build one. We remain agnostic and support many transport layers for our stablecoins.” 

Tether is NOT building any blockchain nor has plan to build one.
We remain agnostic and support many transport layers for our stablecoins. https://t.co/asUL2am1Ug

— Paolo Ardoino 🤖 (@paoloardoino) August 15, 2026

Ardoino’s post responded directly to a report that grouped Tether with payment processing firms like Stripe (developing Tempo) and Circle (developing Arc) as companies building dedicated “stablechain” rails. While Tether has backed independent stablecoin-focused projects like Stable and Plasma, Ardoino reiterated that the company prefers maintaining transport neutrality across external Layer 1 and Layer 2 networks rather than controlling a proprietary chain.

Tether’s USDT supply keeps growing

Ardoino’s comments came as Tether continued to expand its core stablecoin operations.

Tether released its Q2 2026 attestation on July 31, prepared by BDO. As of June 30, approximately 184.6 billion USDT were in circulation, an increase of about $446 million from the prior quarter. Despite a decline in the overall stablecoin market during the period, Tether stated that USDT’s market share rose to more than 60%. 

The company reported roughly $1.5 billion in net operating profit, primarily generated from its U.S. Treasury portfolio and repurchase agreements. The attestation also showed an expanded reserve buffer. 

KPMG completes Tether’s first full financial review

Ardoino’s comments came just days after Tether reported completing its first full independent financial statement audit. KPMG U.S. issued an unqualified opinion on Tether International Limited’s financial statements for the year ended December 31, 2025.

According to Tether, the audit represented a change from Tether’s previous reporting approach, which primarily relied on periodic independent attestations of the assets backing its issued stablecoins. 

The review covered Tether’s broader financial statements and supporting records, including its assets, liabilities, transactions, accounting systems, valuations, and cash flows.

Ardoino weighs in on Tether’s audit

In an interview with The Block, Ardoino discussed the completion of the audit and its significance for Tether. He said, “We built an amazing technology. And the technology that now is looked at by also traditional financial institutions as well.” 

He described the full financial audit by a Big Four accounting firm as a major milestone for the company and said the team was excited about its completion.

When asked about the difficulties Tether previously faced in obtaining a full audit, Ardoino said the audit of Tether International Limited, the entity that issues USDT, was technically straightforward because the company has a limited number of asset classes on its balance sheet.

He also pointed to Tether’s record-keeping systems and internal management processes as factors that supported the audit.

What the new audit changes for Tether

The audit applied to Tether International Limited, the entity that issues USDT. Tether’s prior reporting primarily focused on reserve attestations, which provided an assessment of assets backing the stablecoin at specific reporting dates. 

The KPMG review expanded the scope to the full set of financial statements for the specified period. 

Meanwhile, Ardoino’s latest X post confirms that Tether intends to maintain its multi-network approach for USDT rather than develop a proprietary blockchain.

The two developments point to separate aspects of Tether’s strategy: continued support for USDT across existing blockchain networks and broader financial reporting through a full independent audit.

Also Read: BitGo Takes Lead in $26.6B Real-World Asset Market With 27.5% Share