Stablecoin is said to participate with a large accounting company of four in reviewing its assets reserves and checking that Stablecoin Usdt (USDT) is supported by 1: 1.
According to the CEO of Tether Paolo Ardoino, the audit will be more clear in the shadow of US -supporting US President Donald Trump. This comes after fears of industry over the liquidity crisis similar to the potential FTX of the paper due to its lack of third -party audits.
Produce the first full check after checking
“If the President of the United States said that this is a top priority for the United States, the four major audit companies will have to listen, so we are very happy to do so,” Erdino, Erdino He said Reuters on March 21.
“It is our top priority,” said Erdino. It has been reported that Tether is currently subject to quarterly, but not a full independent annual review, which is more comprehensive and provides more guarantee for investors and organizers.
However, Ardoino did not specify any of the four major accounting companies – PRICEWATORHOSECOOPERS (PWC), Ernst & Young (EY), Deloitte or KPMG – plans to participate.
Tether recorded a profit of $ 13.7 billion in 2024. Source: Paulo Erdino
Tether maintains its stable value by claiming the decision of the US dollar in 1: 1. This means that each USDT icon is supported by reserves equivalent to its circulating supplies.
These reserves include traditional currency, monetary rewards and other assets.
Earlier this month, Tether Simon Mcwilliams rented as a financial president in preparation for a full financial review.
Industry concerns about Tether's lack of audits
In September 2024, the founder of Cyber Capital Jusin Bons was among those who expressed their concerns about Tether's lack of transparency.
“(Tether) is one of the biggest existential threats to encryption. We have to trust that they were carrying $ 118 billion in guarantees without evidence! Even after CFTC fined her lying about their reserves in 2021,” Bonz said.
Related to: Tether freezes 27 million US dollars on Excination Rassian Garantex
Almost at the same time, consumer research, a consumer protection group, has published a report criticizing Tether for its lack of transparency.
Only three years ago, in 2021, the United States CFTC and Futures Trading Committee (CFTC) fined a 41 million dollar cash penalty for fully lied about reserves.
Meanwhile, recently, Tether has expressed disappointment about new European regulations that forced exchanges such as Crypto.com to delete usdt and nine other symbols to comply with Mika.
“It is disappointing to see the accelerating measures delivered by data that only do little to clarify the basis for such moves,” Tether spokesman told Cointelegraph.
Cointelegraph communicates with Tether but he did not receive a response from publishing time.
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