Tie acknowledges that there has not been a full audit of its ecosystem, but that it is planned. The Wall Street Journal reported on Aug. 27 that Tether Limited had promised an audit since 2017, but failed to deliver.
The company said on August 30 that “ everyone understands that we have not had an audit and they know that we are working to have one. »
Tether CTO Paolo Ardoino has not (yet) mentioned a deadline for an audit. He said that things are moving slower than they wanted.
Rather than conduct a full audit, Tether published financial summaries that were approved by the Italian auditing agency BDO Italia. According to Tether, BDO Italia has “unlimited access” to the company’s data. Although it has been clarified that these financial snapshots are not true audits.
The company claims that rival stablecoins, on the other hand, have made misleading audit claims!
The Wall Street Journal (WSJ) states that a full audit would include review of transactions made before a certain date, but Tether and other major stablecoins only issue certifications.
Tether acknowledges that there are no standards for auditing and accounting in the world of digital assets, contrary to what the Wall Street Journal claims.
Tether refuted other claims and conclusions by The Wall Street Journal, including that the company is unprofitable.
Tether would be strong!
Tether said that Treasury bills (T-bills), which are part of its reserves, are safe assets.
The company further maintains that it is impossible to short USDT and claims that this notion is based on a misleading account of hedge funds that unsuccessfully attempted to short USDT. stable coin.
Tether has not refuted other WSJ claims, such as that Tether is the only major stablecoin that uses digital tokens as reserves. Nor did he address the fact that during the Terra crash in May, the price of USDT has fallen under $0.95.
Tether is constantly criticized despite being the largest stablecoin by market cap.