Tether To Conduct An Audit To Negate Claims Concerning Transparency

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 l...