Tether CEO Paolo Ardoino said Tether International is the only entity issuing USDT and said the company is not building its own blockchain or planning to launch one. He made the comments after KPMG U.S. issued an unqualified opinion on Tether International's 2025 financial statements in what the company described as its first full financial audit, and after a report grouped Tether with Stripe and Circle among companies developing dedicated stablecoin payment rails. Ardoino said backing projects such as Plasma and Stable does not mean Tether is operating a proprietary chain, adding that the company remains agnostic and supports multiple transport layers for its stablecoins. Tether's latest disclosures also showed about 184.6 billion USDT in circulation as of June 30, up about $446 million from the prior quarter, with market share above 60% and roughly $1.5 billion in net operating profit, mainly from U.S. Treasuries and repurchase agreements. Critics questioned the audit's scope because it covered one subsidiary rather than the broader group and also criticized Tether for not publishing the full report, while people familiar with the matter said the private company shares audited statements with regulators and banks on request, plans annual full audits and quarterly attestations, and is following a common practice among unlisted firms.