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Paolo Ardoino, the CEO of Tether, announced that the company is in discussions with one of the leading global audit firms to ensure the verification of its reserves. Tether claims to hold dollar reserves for every USDT token issued, reinforcing its commitment to transparency.
USDT Reserves
According to a report by Reuters, Tether’s management believes that a comprehensive audit would enhance transparency. Currently, the reserves are monitored through monthly or quarterly reports. The upcoming audit is anticipated to play a crucial role in confirming and publicly presenting the reserves.
Paolo Ardoino stated, “This process is one of our top priorities. With the relevant regulations from the U.S. President, we believe it is possible to gain support from a major audit firm.”
Big Four Auditors
Tether reports that the circulating value of USDT is approximately $143 billion. The company regularly shares reserve data on its website, upholding its promise of transparency. This practice has been positively received by industry observers.
Following the strategic directive signed by the U.S. President, the auditing process is expected to become more accessible. The Big Four auditing firms are anticipated to act in accordance with regulatory expectations, making this a significant factor in the audit’s completion.
This initiative is being closely monitored by market players. It is believed that the reserve audit could strengthen trust within the industry. Stakeholders are advised to keep an eye on the insights that the audit reports may provide in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
