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....
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HONG KONG and London, UK March 9th, 2015. Today, Tether and Factom jointly announced a partnership wherein Tether will leverage the Factom technology to enhance their transparency and audit strategy, and the Factom Foundation will use Tether as an important part of its asset allocation strategy. Tether.to Wallet Transparency. Tether.to uses Factom for time-stamping and replication of its wallet database. Tether.to's wallet transparency strategy focuses on eliminating trust through decentralization and cryptography. The Factom technology uses the same cryptography behind Bitcoin to....
Tether’s general counsel said a full audit is coming in months. There will be an official audit of the world’s most popular stablecoin Tether within months according to the project’s general counsel.An audit for the world’s third-largest digital asset has been awaited for several years and increased regulatory pressure appears to have accelerated the process.In a rare mainstream media interview on CNBC, Tether CTO Paolo Ardoino and general counsel Stu Hoegner were asked some pressing questions on the subject of USDT’s backing and transparency.Hoegner responded to the question by saying:“We....
Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by the USD. Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022.Tether CTO Paolo Ardoino made the announcement in an Oct. 3 tweet, adding also that Tether’s United States Treasury bills increased to 58.1% of its total portfolio, up 25.1% from its Jun. 30 figure of 43.5%.#tether portfolio update.....
Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30. Tether Publishes Assurance Report On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said.....
To attack Tether’s reserves [...] further highlights an agenda by the publication to single out Tether and hurt its reputation,” the USDT issuer said. Tether Holdings Limited has clapped back at The Wall Street Journal over an article it claims spread “false information” about the stablecoin issuer’s profitability, solvency and accounting standards. In a Monday article, the Journal claimed that Tether could be deemed “technically insolvent” if its assets fell just 0.3%. That conclusion was drawn from Tether’s reported assets and liabilities as of Thursday. One week prior, Tether published....