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 are working towards getting financial audits, which no one else in the stablecoin sector has done yet.” Hoegner added that the firm hopes to be the first to do so and that audits will be coming in “months, not years”. He stated that Tether is backed one-to-one with its reserves but admitted that those reserves were not all US dollars. According to Hoegner, Tether’s reserves are heavily dollar-weighted but also include cash equivalents, bonds, secured loans, crypto assets, and other investments.
The current market capitalization of USDT is 62 billion according to Tether’s transparency report. It has grown by 195% since the beginning of the year but has lagged behind rivals USDC and BUSD in terms of growth. Circle released its own reserves disclosure report on July 21, revealing that 61% of USDC’s reserves were held in cash and cash equivalents with the rest in commercial paper accounts, treasuries, and bonds.
In a related development, rival stablecoin company Paxos took a swipe at both Tether and Circle in a July 21 blog post claiming that they are “not comprehensively overseen by any financial regulators.”
“Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are ‘stablecoins’ in anything other than name.”
Paxos revealed that 96% of its own stablecoin reserves are cash or cash equivalents. Tether revealed a breakdown of its USDT backing for the first time in May, following increased scrutiny from U.S. lawmakers. The firm has been submitting periodic reports regarding its reserves since reaching a settlement with the New York Attorney General’s Office in February.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 79.2% | 44 | $70 638.80 | 0.70% | 5.03% | $1 389 224 140 780 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.8% | 48 | $3 565.34 | -0.37% | 0.63% | $428 096 700 911 | ||
3 | USDT | Tether predictions | 94.8% | 1 | $0.999450 | -0.04% | -0.10% | $104 396 726 096 | ||
4 | BNB | Binance Coin predictions | 63.2% | 80 | $581.89 | 0.78% | 4.06% | $87 013 557 574 | ||
5 | SOL | Solana predictions | 60% | 89 | $183.34 | -1.85% | -3.70% | $81 456 432 857 | ||
6 | XRP | XRP predictions | 84% | 31 | $0.618901 | -0.43% | 0.46% | $33 967 887 928 | ||
7 | USDC | USD Coin predictions | 93.2% | 2 | $1.000043 | 0% | -0.06% | $32 204 461 666 | ||
8 | DOGE | Dogecoin predictions | 67.6% | 68 | $0.216094 | 15.17% | 41.35% | $31 042 497 287 | ||
9 | ADA | Cardano predictions | 68.4% | 67 | $0.645630 | -1.16% | 2.11% | $22 972 095 050 | ||
10 | AVAX | Avalanche predictions | 58.4% | 88 | $53.81 | -1.05% | -2.04% | $20 307 708 295 | ||
11 | SHIB | SHIBA INU predictions | 57.6% | 94 | $0.000032 | 5.06% | 17.60% | $18 849 625 719 | ||
12 | TON | Toncoin predictions | 58% | 88 | $4.98 | -1.38% | 19.45% | $17 270 209 242 | ||
13 | DOT | Polkadot predictions | 76% | 52 | $9.45 | -1.74% | 0.78% | $13 478 466 986 | ||
14 | LINK | Chainlink predictions | 76.4% | 42 | $19.28 | -2.13% | 5.57% | $11 319 050 024 | ||
15 | BCH | Bitcoin Cash predictions | 68.8% | 60 | $569.11 | 14.45% | 32.42% | $11 201 035 891 |
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