JP Koning: Tether Offers Less Transparency Than Its Rivals

[H2O]

Stablecoin issuer Tether recently surprised critics. Accounting company Moore Cayman, part of the Moore Global accountancy network, attested that Tether had enough assets to back its liabilities.

Tether fans were quick to celebrate the attestation report on social media while critics cast doubt on it. 

As well versed as the cryptocurrency community is in abstruse matters of confirmation times and chain forks, it is not as well acquainted with the obscurities of the accounting profession. To understand how an attestation brings value to a stablecoin, we need to delve a bit into the accounting.source

[TomPluz]

Tether has been known to be less transparent compared to its less-known rivals and in the past there had never been a straightforward attempt to squash this impression coming from the company behind USDT. And it can be because Tether has been the undisputed leader in the stablecoin market and it is not being threatened by its rivals in any way. Maybe if Tether can also provide at least three auditing results all coming from different auditing platforms then maybe all doubts can be put to rest. Just a suggestion, anyway.