Regulation News

Tether official audit impending as proof of transparency demanded

TL;DR Breakdown

  • Transparency has become a major concern for people investing in crypto.
  • Many investors have claimed that stablecoin lacks transparency and has security issues.
  • The general counsel of Tether of Ltd. has declared that the Tether official audit will soon commence.

Tether is the most used cryptocurrency around the world, with people investing day-in and day-out, swapping Tether for Bitcoin, Ether, and other altcoins. USDT, the stablecoin by Tether Ltd., has remained controversial since its inception.

Owing to these concerns about the security of the crypto, the general counsel of Tether Ltd. and the CTO have revealed the commencement of the official audit in the coming months. Many investors have demanded the Tether official audit for a very long while.

Tether official audit and CTO interview

The Tether official audit was announced at a rather rare event on an interview on CNBC where the Tether CTO, Paolo Arduino, and the general counsel for Tether Stu Hoegner appeared on.

The hosts questioned the Tether officials about the security of the stablecoin’s total functioning. To this, the general counsel commented that they will be the first in their field to undergo an audit, thereby announcing the Tether official audit.

Attacks leading to the Tether official audit

It seems that the increasing scrutiny of Tether led to this decision of Tether undergoing an official audit. This definitely makes it one of the first to perform this action. The audit is coming after months of Paxos targeting the USDT and USDC stablecoins.

According to the recent Paxos blog post, the stablecoin has not been operating under regulations, and it is just ‘stablecoin’ due to its name, and nothing else. Paxos believes that Tether has been shady for the past few years and hopefully the audit can bring to light the extent of Tether’s transparency.

This post was last modified on July 25, 2021 7:53 pm

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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