{"id":468109,"date":"2021-07-25T02:04:39","date_gmt":"2021-07-25T02:04:39","guid":{"rendered":"https:\/\/wncen.com\/?p=468109"},"modified":"2021-07-25T02:38:08","modified_gmt":"2021-07-25T02:38:08","slug":"tether-to-conduct-an-audit-to-negate-claims-concerning-transparency","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tether-to-conduct-an-audit-to-negate-claims-concerning-transparency\/","title":{"rendered":"Tether To Conduct An Audit To Negate Claims Concerning Transparency"},"content":{"rendered":"
The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it\u2019s on blockchain that cybersecurity experts deem unhackable<\/a>, the majority today trusts its security.<\/p>\n Related Reading | Cardano Aims To Facilitate Users With Smart Contracts<\/a><\/em><\/strong><\/p>\n However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re declaring that an audit will take place soon.<\/p>\n Another rare incident is an interview<\/a> in which the Tether CTO Paolo Arduino and Stu Hoegner, the general counsel, participated on CNBC.<\/p>\n During the interview, the hosts asked the duo some questions about USDT’s transparency and backing. In response, the general counsel stated that the team is working to be the first in their sector to get financial audits.<\/p>\n <\/p>\n He also mentioned that the audits would come in months and not years. As for backing, he stated that the stablecoin is backed with reserves.<\/p>\n But Hoegner mentioned that some of the reserves are not US dollars. But the reserves are more US dollars plus other cash equivalents, secured loans, crypto assets, bonds, and others.<\/p>\n Related Reading |\u00a0Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives<\/a><\/em><\/strong><\/p>\n However, in the Transparency report which Tether published<\/a>, the market cap for USDT stands at $62 billion. Even though the number has increased by 195% since 2021 started, it is still behind competitors such as BUSD and USDC.<\/p>\n When Circle released a reserve report yesterday, July 21, it showed that 61% of the USDC reserves are cash & cash equivalent. The remaining 39% are in treasuries, bonds, and commercial paper accounts.<\/p>\n Paxos is a rival to Tether and recently attacked the stablecoin and Circle through its blog post on July 21, 2021. In the post, Paxos claims that the duo is not operating under financial regulators. In his words, both USDC and Tether are simply Stablecoins in name only.<\/p>\n Paxos disclosed that its stablecoin reserves are a combination of cash or cash equivalents to support its claims.<\/p>\nTether Executives Grants Media Interview<\/strong><\/h2>\n
The crypto market has just turned bullish as the USDT trades in the green zone | Source: USDTUSD on TradingView.com<\/a><\/pre>\n
Taxes Decides To Attack <\/strong><\/h2>\n