Tether, the issuer of the largest stablecoin, is in discussions with a Big Four accounting firm for an independent audit following new U.S. regulations.
Tether's Talks with Accounting Firms
CEO Paolo Ardoino confirmed that these discussions aim to meet new U.S. stablecoin regulations as outlined in the GENIUS Act. Securing an audit is a top priority for Tether.
Current Actions and Criticism
Despite having internal reports and a new CFO, critics argue that these actions do not provide full transparency. Concerns are also raised about Tether's connections with Cantor Fitzgerald, a firm closely linked to political figures.
Laws and Their Requirements
The GENIUS Act mandates stablecoin issuers to undergo external audits and hold reserves in secure assets like U.S. Treasury bonds. However, such proposals raise concerns due to Tether's ties with political figures.
With significant profits, expectations for Tether to undergo a thorough audit are high. The crypto community is watching closely to see if the company fulfills its promise, which will be crucial for its future in the regulated U.S. market.
