Tether to conduct full audit of USDT reserves
Chief Technology Officer Paolo Ardoino noted that the MHA accounting firm is now confirming the coin's collateral on a quarterly basis
![Tether to conduct full audit of USDT reserves](https://storage.getblock.net/source/1/ZYOZMeRldynS2c0hjY9Xf-kv6NjtSnnr.webp)
20.06.2022 - 16:15
288
2 min
0
What’s new? Tether Chief Technology Officer Paolo Ardoino announced the company's intentions to conduct a full audit of the reserves of its centralized USDT stablecoin. To that end, the issuer of the stablecoin, which is pegged to the US dollar, will engage a leading accounting firm. Ardoino also noted that the MHA accounting firm is currently confirming the reserves backing USDT on a quarterly basis. He said this in an interview with Euromoney.
Information on the Euromoney website
What else does Ardoino say? He noted that the collapse of the Terra ecosystem and its UST algorithmic stablecoin could accelerate the advent of a regulatory framework for stablecoins. In early June, US senators Cynthia Lummis and Kirsten Gillibrand introduced a crypto-regulation bill that, among other things, proposes to place reserves that back stablecoins under supervision, potentially reinforcing their similarity to banks. Ardoino added:
“If you market something as a stablecoin, it should be stable, full stop. You cannot have a guy who wakes up in the morning and creates a new cryptocurrency, backed by another cryotocurrency, backed by good will, and call it a stablecoin.”
USDT was created by Tether Limited in 2015 and is the largest stablecoin on the market and ranks third in the overall ranking of cryptocurrencies by capitalization at $67,6 billion, according to CoinGecko.
Earlier, New York Supreme Court rejected Tether's petition asking for permission to block public access to documents explaining the composition of USDT reserves over the past few years.
In late May, Circle began publishing weekly reports on the reserves of its USDC stablecoin. This move is intended to increase USDC’s transparency operation amid the TerraUSD (UST) rate crash and problems with pegging other stablecoins to the US dollar.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024