Tether, the transmitter behind the largest USDT of Stablecoin in the world, would work with a large accounting firm to make an audit of its reserves and confirm that each token is supported 1: 1 with assets.
This decision comes in the middle of the growing pressure of industry for transparency, in particular in the light of past controversies surrounding the affirmations of the company.
Addressing Reuters on March 21, the CEO of Tether, Paolo Ardoino, said that a full audit was an absolute priority for the company.
The CEO of Tether says that Trump’s pro-Crypto position could reduce the audit process
Ardoino noted that the process could be more fluid under the pro-Crypto position of American President Donald Trump, who reported support for greater integration of digital assets.
“If the President of the United States says it is the top priority for the United States, Big Four audit companies will have to listen,” he said.
While Andeno confirmed the current discussions with one of the large large companies – Pwc, Ey, Deloitte or KPMG – he did not specify who was involved.
Tether is currently publishing quarterly orders, but these are not below a complete independent annual audit, which would provide stronger insurance to regulators and investors.
The Tether USDT is designed to maintain a stable value fixed to the US dollar, saying that each token is supported by a reserve made up of money, equivalents and other assets.
Critics, however, have long questioned the accuracy and completeness of these affirmations.
Tether has just published the certificate of Q4 2024.
Professional facts on December 31, 2024:
– $ 13.7 billion for the year 2024
– ~ 6 billion dollars of profits for the fourth quarter 2024
– $ 113 billion in direct and indirect assets
– 7 billion dollars in the reserves of Tether’s excess stablecoin (36% increase in annual shift),… https://t.co/izyonstkuf– Paolo Ardoino
(@paoloardoino) January 31, 2025
(@paoloardoino) To strengthen its financial operations, Tether recently hired Simon McWilliams as a financial director, reporting a more serious approach to carry out a full audit.
In September 2024, criticisms like the founder of Cyber Capital Justin Bons qualified Tether a major threat to the crypto ecosystem, invoking the lack of independent verification of his reserves.
His concerns have echoed the results of consumers’ research, a guard dog who also questioned Tether’s transparency.
Tether has already been sentenced to a fine of $ 41 million in 2021 by the CFTC for distorting his reserve support.
More recently, he postponed European regulations under mica, which caused exchanges like Crypto.com to set up USDT and other tokens.
Tether engages with American legislators to shape federal regulations on the shirt
Last month, it was revealed that TETHER set out to American legislators to help shape the federal regulations in the Stablescoin sector.
As indicated, the company had discussions with the representatives Bryan Steil and French Hill, key personalities of the stable act introduced on February 6.
Ardoino would have confirmed that the company was also trying to contribute to two additional bills on the stables proposed by other legislators.
More recently, the president of the federal reserve Jerome Powell confirmed the support of the Central Bank to develop a regulatory framework around Stablecoins during a hearing in the Senate on February 11.
Powell said the federal reserve supports the creation of a regulatory framework for stablecoins, noting the importance of protecting consumers and savers.
The post Tether collaborates with the Big Four listener to check support 1: 1 for USDT Stablecoin appeared first on Cryptonews.
