Tether Issuer Stablecoin is reportedly involved with the great four accounting companies to control the asset reserve and check whether his USDT (USDT) Stablecoin is supported in a 1: 1 ratio.

The General Director of Tether, Paolo Ardoino, reportedly said that the audit process would be more plain in relation to the US President Donald Trump. This appears after growing industry fears for a potential crisis of FTX liquidity for imprisonment due to the lack of third -party audits.

Tether to produce the first full audit after the inspection

“If the President of the United States claims that this is the highest priority for the USA, Wielkie Four audience companies will have to listen, so we are very pleased with it,” Ardoino he said Reuters on March 21.

“This is our highest priority,” said Ardoino. It was reported that Tether is currently subject to quarterly reports, but not a full independent annual audit, which is much wider and ensures greater certainty to investors and regulatory authorities.

However, Ardoino did not specify which of the four accounting companies – PricewaterhouseCoopers (PwC), Ernst & Youthful (EY), Deloitte or KPMG – plans to get involved.

USDT Tether maintains its stable value, claiming that he is attached to an American dollar in a 1: 1 ratio. This means that each USDT token is supported by reserves equivalent to its circulation supply.

These reserves include established currency, cash equivalents and other assets.

At the beginning of this month, Tether hired Simon McWilliams as a financial director as part of preparation for a full financial audit.

Industry concerns about the lack of Tether audits

In September 2024, the founder of Cyber ​​Capital Justin Bons was one of those in the industry who expressed concerns about the lack of transparency of Tether.

“[Tether is] One of the greatest existential threats to cryptocurrencies. Because we must trust that they have USD 118 billion in security without proof! Even after CFTC punished at a mane in Tether for lying about her reserves in 2021, “Bons said.

Related: Tether freezes USD 2,5 million on the sanctioned Russian exchange of GARANTEX

Around the same time, consumer research, a consumer protection group, published a Tether criticism report due to lack of transparency.

Just three years earlier, in 2021, the Commission for Goods and Futures in the United States (CFTC) punished the punishment in Tether in $ 41 million civil penalty for a lie about USDT, which was fully supported by reserve.

Meanwhile, Tether expressed disappointment with up-to-date European regulations, which forced exchanges, such as Crypto.com to remove USDT and nine other tokens to follow Mika.

“This is disappointing, seeing the hasty actions caused by statements that they do little to explain the basis of such movements,” said Cointelegraph, spokesman for Tether.

Cointelegraph contacted Tether, but he did not receive an answer by publication.

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