Tether To Conduct An Audit To Negate Claims Concerning Transparency
2021年7月25日 - 11:04AM
NEWSBTC
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’s on blockchain that cybersecurity
experts deem unhackable, the majority today trusts its security.
Related Reading | Cardano Aims To Facilitate Users With Smart
Contracts 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. Tether Executives
Grants Media Interview Another rare incident is an interview in
which the Tether CTO Paolo Arduino and Stu Hoegner, the general
counsel, participated on CNBC. 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. The crypto
market has just turned bullish as the USDT trades in the green zone
| Source: USDTUSD on TradingView.com 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. 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. Related Reading
| Anthony Di Lorio To Leave Cryptocurrency Space For
Philanthropic Initiatives However, in the Transparency report which
Tether published, 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. 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. Taxes
Decides To Attack 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. Paxos disclosed that its stablecoin
reserves are a combination of cash or cash equivalents to support
its claims. Related Reading | Ether EFT Gets Approval From
Brazilian Securities Regulator But in May, Tether disclosed the
total backing that USDT has, which were cash 3.87%, fiduciary
deposits 24.20%, treasury bills 2.94%, cash equivalents, commercial
papers, which make up 65.39% plus others. This action was because
the US lawmakers are closely scrutinizing its operations. Also,
Tether started submitting reports about its reserves after it
reached a settlement agreement with the NY Attorney General’s
Office 5 months ago. The firm has continued to send these reports
since then. Featured image from Pexels, chart from TradingView.com
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