The long-anticipated full audit for the third-largest crypto in the world, Tether (USDT), is bound to happen within the next few months, according to the project’s top-ranking executives. While many factors can be attributed to the expedited process, many believe that the intensifying regulatory pressure is the main reason as to why.
On a rare interview with CNBC, Paolo Ardoino, the chief technology officer in Tether, alongside Stuart Hoegner, its general counsel, were asked persistently regarding USDT’s current transparency and backing issues. According to Hoegner, the whole team behind Tether is now working towards the commencement of the long-awaited financial audits, which he then reminded that no other stablecoin has ever done yet. He adds that Tether aims to become the very first in the particular sector to do so by claiming that the audits would come in a matter of months, not years.
A full Tether audit would undoubtedly clear up the pressing issues currently surrounding the stablecoin. Just recently, the crypto firm settled a fraud investigation filed by the New York Attorney General’s Office, or NYAG, with Tether firmly reiterating that the stablecoin is fully backed by USD at all times.
Hoegner then concluded by stating that Tether is a pioneer of transparency. They aren’t just keeping up with the present rules but are helping to formulate them, thus, making the jobs of regulators and law enforcement around the world much more manageable.