Tether has not disclosed audited financial statements or KPMG’s full audit report because it is a privately held company, an industry source said, framing the practice as consistent with how many private firms handle financial disclosure. The source, cited by The Block, pointed to Bloomberg as another private company that does not publish audited financial statements and said Tether provides those statements to regulators and banks when requested. The comment addresses a longstanding transparency issue around the issuer of the world’s largest stablecoin, where audited reporting is closely watched because reserves underpin token redemption.