Business & Economy · 26 views
Tether has the gold. Now, CEO Paolo Ardoino is making a bold push into AI
Accounting is not a very physical job, but tell that to the KPMG gnomes who just spent weeks lugging around gold bars in a secret Swiss cavern.
AI Summary
Tether hired KPMG to audit its reserves, confirming that the company holds about 150 tons of gold backing its gold‑linked token and that its total reserves exceed liabilities by $6.8 billion. CEO Paolo Ardoino said the audit involved physically moving the bullion in a Swiss cavern and that the findings dispel doubts about the backing of the $183 billion USDT stablecoin supply. With the audit completed, Ardoino indicated the firm will now focus on expanding into artificial intelligence, signaling a shift away from the “crypto” label. The KPMG seal of approval is expected to reduce scrutiny over Tether’s reserve adequacy.
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