Tether CEO announces company no longer considers itself a crypto firm after KPMG audit

KPMG conducted a physical audit of Tether's reserves, verifying approximately 150 tonnes of gold in a secret Swiss vault. The audit confirmed that reserves exceed liabilities by 6800 million dollars. CEO Paolo Ardoino stated that Tether no longer identifies as a crypto company, but rather as a digital dollar and digital gold company. Tether has over 650 million users globally, primarily in Africa and South America, regions with high demand for stable digital assets due to national currency devaluations. The company has been investing outside financial services for two years, focusing on decentralized communication, agriculture, and solar-powered kiosks providing affordable energy. Tether's next strategic direction includes basic AI services for its audience in developing countries, aiming to provide accessible tools in healthcare, finance, and sports for a few dollars a month via Tether or other digital payments. Ardoino expressed concern over increasing income inequality, which could deepen societal divides.

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