Paolo Ardoino, Tether's CEO, announced the initiation of discussions with a leading global audit firm to ensure the verification of the company's reserves. This move aims to enhance transparency.
USDT Reserves
According to a Reuters report, 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.
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.
Market Impact of the Audit
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.
Tether's initiative to conduct a major audit aims to boost trust in the company and its tokens by increasing transparency, which could be a significant step for the entire cryptocurrency industry.
