The head of Tether has revealed that the organization is considering hiring one of the “Big Four” accounting firms to examine their holdings. Toncoin (TON) Value Forecast for March 26th
Paolo Ardoino, Tether’s primary representative, stated that they are in discussions with a leading international accounting firm to examine their USDT holdings. This revelation occurs as the cryptocurrency community maintains a close watch on Tether, particularly given previous discussions regarding whether their stablecoin is genuinely supported 1:1 by the U.S. dollar.
Ardoino appears upbeat about the future of cryptocurrency regulation in the United States, particularly with Donald Trump potentially in charge. He anticipates that this may make it possible for a Big Four firm (such as Deloitte, Ernst & Young, PwC, or KPMG) to eventually audit Tether’s USDT holdings.
Since Tether introduced its stablecoin in 2014, there have been continuous discussions about its reserves. Despite criticism, Tether has grown to be a major player in the cryptocurrency market, issuing over $140 billion in USDT. They have consistently asserted that each USDT is backed by a dollar, yet some individuals continue to doubt their openness.
Obtaining a Big Four firm to audit their reserves may be a watershed moment for Tether, particularly given recent regulatory developments in the United States. It demonstrates their commitment to openness and dependability.
While Ardoino did not reveal who they are speaking with or when the audit may occur, he did emphasize that it is a high priority. This action occurs as the United States prepares to implement new stablecoin regulations, making it even more vital for Tether to demonstrate that its USDT reserves are legitimate.
Recently, Tether has designated Simon McWilliams as its fresh Chief Financial Officer. McWilliams will be tasked with spearheading Tether’s initiatives to undertake an exhaustive monetary examination.
Earlier in the week, the ex-President Trump gave a speech at a virtual asset conference in New York, encouraging the legislative branch to approve stablecoin laws. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
