Tether, the cryptocurrency pegged to the US dollar, announced that it will conduct an audit in few months. The announcement came after a number of reports surfaced about the company’s lack of transparency and potential for fraud.
The Tether Announced To Conduct an Audit in Few Months is a news article about Tether, a cryptocurrency company that announced to conduct an audit in few months.
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- Tether has stated that an audit would be conducted in the coming months.
- Tether, according to Paxos, is not a true stable currency.
- Hoegner went on to say that the platform wants to be the first to do so.
According to the project’s general counsel, Tether, the most well-known stablecoin, will undergo a formal audit in the coming months. Tether is not a genuine stable coin, according to Paxos, a stablecoin business.
Tether, one of the world’s most valuable crypto assets, has been awaiting an audit for many years, and increasing regulatory pressure seems to have sped up the process.
Furthermore, Pala Ardoino, Tether’s CTO, and Stu Hoegner, Tether’s General Counsel, spoke to the Consumer News and Business Channel (CNBC) in a rare mainstream media interview. There have been various concerns expressed about the support and openness of Tether (USDT).
As a result, general counsel Hoegner said,
“We’re attempting to get financial audits. Nobody else in the stablecoin space has done it yet.”
Furthermore, Hoegner said that the platform aspires to be the first to carry out the activity. And that audits will be conducted in a matter of months rather than years. Tether is not backed one-to-one by its reserves, according to Tether’s General Counsel. Tether’s reserves, he claims, are denominated in US dollars. Cash equivalents, bonds, secure loans, crypto assets, and other investments are also included.
Tether (USDT) now has a market value of 62 billion dollars, according to Tether’s transparency report. Tether has risen by 195 percent since the beginning of 2023, however it lags behind competitors USDC and BUSD in terms of pace of growth.
In a blog post published on July 21, competitor stablecoin Paxos took a shot at both Tether and Circle. Insisting that they are not regulated in any way by any financial authorities. Paxos, a regulated blockchain infrastructure platform, revealed that cash or cash equivalents account for 96 percent of its stablecoin reserves.
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