Stablecoin Tether (USDT) is fully audited by top firm for transparency

Tether (USDT) according to the chief technology officer of the stablecoin-Issuers are fully audited by a leading auditing firm.
Tether CTO Paolo Ardoino tells Euromoney that a top 12 accounting firm will audit the company because the top four audit firms are wary of entering the relatively unregulated crypto space.

“I think it’s one of the top 12, so not bad at all. The big four are a bit more cautious about conducting a full audit when the rules aren’t clear.”

Tether recently denied rumors that 85% of its commercial paper holdings are backed by Chinese or Asian commercial paper and are trading at a 30% discount. Commercial paper is a form of unsecured short-term debt issued by corporations and financial institutions to meet obligations and is typically sold at a discount.

Tether is the largest stablecoin after market capitalization and aims to remain pegged to the US dollar. At the time of writing, it is trading slightly below this rate and is currently at $0.998947. It fell as low as $0.996 during the first crypto market crash in May.

However, Ardoino notes that Tether has never rejected redemption requests at $1.

“We have shown that in the worst case scenario – when Terra crashed, the entire crypto market crashed and the stock market crashed – we received a ton of withdrawal requests and complied with them within minutes.”
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Featured image: Shutterstock/SVPanteon

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