- Tether has responded to allegations from the Wall Street Revue that the company has not been audited.
- The company publishes regular testimonials or snapshots of its stablecoin reserves rather than comprehensive audits.
- Tether insists that no other stablecoin company has been audited, despite statements to the contrary.
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Tether says she échelons to conduct an examen after the concerns he raised The Wall Street Revue earlier this week.
Tether échelons to examen
Tether says he has not been audited but échelons to do so.
Tether posted this statement in response to A August 27 recherche from The Wall Street Revuewho noted that the company had promised an examen since 2017, but had not offered it.
“Everyone knows we haven’t conducted an examen, and they know we’re working on one,” the company said. August 30.
In this recherche, Tether CEO Paolo Ardoino did not provide a règne by which the company could conduct an examen. Instead, he said, “things are going slower than…we’d like.”
In position of a full review, Tether posted financial screenshots that were signed by BDO Italia, which Tether says has “unrestricted access” to the company’s interpellation. It insists the practice is “the most honest and intelligible on the market,” but made it clear that the footage is not proper audits.
The company says that émule stablecoins, by contrast, falsely claimed to have conducted an examen. This claim is supported by the WSJ, which says that Tether and other leading stablecoins are only publishing testimonials, while a comprehensive examen may include testing transactions before a specific règne.
Inline with The Wall Street RevueIn Tether’s allegations, Tether acknowledges that the numérique asset industry does not have an auditing and accounting conforme. She says “You’re welcome[s] these developments.”
else The Wall Street Revue Disputed claims
Tether disputed other claims and effects of The Wall Street Revue. The company insists it is avantageux, writing: “Assuming our trafic is unprofitable is wrong.”
Tether addressed the claim that its assets exceed liabilities by $191 million, along with the claim that a 0.3% decline in assets would “lead to [it] Technically insolvent.”
Tether insisted that margin diversité in reserves is common across the stablecoin industry and said that The Wall Street Revue It intends to “distinguish Tether and damage its reputation”. Tether confirmed that it has easily recovered $16 billion in its USDT stablecoin in recent months, which shows its resilience.
Tether added that three months’ worth of treasury bills (T-bills), which form tronçon of its reserves, constitute a safe asset.
Finally, the company insists that shorting USDT is inaccessible and says that the idea stems from a false narrative embout hedge funds that tried to sell the stablecoin without success.
Tether has never disputed the other allegations before The Wall Street Revue, such as claiming that it is the only pionnier stablecoin to use numérique tokens in its reserves. It also did not address the fact that the price of USDT fell to $0.95 during the Terra écrasement in May.
Despite being the largest stablecoin by market cap, tether is frequently criticized. Today’s reminder that full scrutiny is still not available is likely to justify skeptics.
Disclosure: At the time of writing, the author of this recherche owns BTC, ETH, and other cryptocurrencies.