Tether taps Big Four firm for audit after years of infamous vagueness

[ABCbits]

Tether taps Big Four firm for audit after years of infamous vagueness

Tether is finally doing the thing it kept saying it would do for years—getting a real audit. CEO Paolo Ardoino confirmed the company is “engaging with a Big Four accounting firm,” though he didn’t say which one or when the audit would happen. He said it’s now “feasible” thanks to U.S. President Donald Trump’s crypto-friendly policies.

“It’s our top priority,” Ardoino said. He claims the regulatory environment has changed completely, and that Trump’s crypto push makes it easier. Tether has been promising transparency forever, but so far, it only puts out quarterly attestations, not full audits... Read more here.


Some of you probably aware of Tether and USDT controversy, such as claim that amount of USDT is far higher than USD they own. Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

[Faisal2202]

Some of you probably aware of Tether and USDT controversy, such as claim that amount of USDT is far higher than USD they own. Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

They cleared it a long ago that they don't own direct USD to back the USDT but they own, different assets and bonds and other unknown sources (don't know what) to back their USDT, Well, if they are going to choose some big names in the audit firms list, then that's even better although I literally have no idea which one is big or not in from the firm's list.

I heard these four names, PricewaterhouseCoopers (PwC), Ernst & Young (EY), Deloitte, or KPMG but don't know a thing about them, well let's wait and see what comes next, obviously everything will be good.

[Kemarit]

Some of you probably aware of Tether and USDT controversy, such as claim that amount of USDT is far higher than USD they own. Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

They cleared it a long ago that they don't own direct USD to back the USDT but they own, different assets and bonds and other unknown sources (don't know what) to back their USDT, Well, if they are going to choose some big names in the audit firms list, then that's even better although I literally have no idea which one is big or not in from the firm's list.

I heard these four names, PricewaterhouseCoopers (PwC), Ernst & Young (EY), Deloitte, or KPMG but don't know a thing about them, well let's wait and see what comes next, obviously everything will be good.

I'm only aware of the first two, specially EY as they are in this industry for a long time and so they are recognized globally. As far as the audit goes, yeah, Tether has been accused of running in fractional reserves for years and didn't want anyone to audit them.

So not sure what gives, but I'm thinking that maybe they already have enough money to back 1:1 that's why they re cooperating now. Or they have clean up all the messed that they got before. Or maybe the US government might used them for something in the future. So as part of the bargaining, they should be audited now.

[TomPluz]

Yes, I think it is about time - after four long years of promises - that Tether get audited by credible auditors to make sure that what they are claiming backing their platform is really true and if there are deficiencies they can correct them properly. Now, with the audit, the public is expecting that results will be published otherwise the purpose of the audit will just be a big joke. There should be a pressure for Tether to allow a conduct of an annual audit and not just put up excuses as this is one way they can bolster confidence and trust of the public on them. After its successful audit, am sure that Tether will gain the benefits of enhanced credibility in the crypto market.

[bitterguy28]

Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

should it not be transparent and available to the public if as they said transparency was their top priority?

the ceo is confident of obtaining high profile audits due to trump's friendly administration but what drove them to finally get an audit was the act that requires stablecoin issuers to be audited otherwise they can be prevented from operating in the us just like how they were banned from the eu i guess tether does care about their american market the most

[zeeMN]

Oh so there is some good that comes from the Trump politics 

And it's about time that tether do clear their name as this isn't just for their benefit but the whole crypto ecosystem, perfect timing CEO Paolo Ardoino.

Crypto to the Moon.

[ABCbits]

After its successful audit, am sure that Tether will gain the benefits of enhanced credibility in the crypto market.

And regaining it's dominance on stable coin market.

Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

should it not be transparent and available to the public if as they said transparency was their top priority?

Ideally, the answer is yes. But i'm not fully sure due to past Tether/USDT controversy and i've seen enough company that twist what counts as transparency.

[Jating]

After its successful audit, am sure that Tether will gain the benefits of enhanced credibility in the crypto market.

And regaining it's dominance on stable coin market.

Being audited by four sounds convincing, although it's not mentioned whether detail of the audit will be available publicly. Your opinion is greatly appreciated.

should it not be transparent and available to the public if as they said transparency was their top priority?

Ideally, the answer is yes. But i'm not fully sure due to past Tether/USDT controversy and i've seen enough company that twist what counts as transparency.

I think the stigma with Tether will always be there and some of us won't forget about how they refused to be audited in the past, like in 2018 if I'm not mistaken. So it's more of a surprised rather than good news to be honest, at least that's how I see it.

The thing though in crypto, if you're the prime mover, like BTC and ETH, you will have gain the "trust" of the community. So even in the worst scenario, I think they will still be the top stable coins out there, even if we have a lot of competitions already.

[Crwth]

They probably managed to do what they had to do to be more legitimate and not lose hope from the many just because they didn’t get audited. I am happy to see this because I remember when USDT was not equal to one. It was a crazy time before.

[Faisal2202]

I'm only aware of the first two, specially EY as they are in this industry for a long time and so they are recognized globally. As far as the audit goes, yeah, Tether has been accused of running in fractional reserves for years and didn't want anyone to audit them.

So not sure what gives, but I'm thinking that maybe they already have enough money to back 1:1 that's why they re cooperating now. Or they have clean up all the messed that they got before. Or maybe the US government might used them for something in the future. So as part of the bargaining, they should be audited now.

This is actually a good point, as policies are becoming more user-friendly, so maybe Tether is making cooperations with the government to clear its name due to which it has been restricted from being used in several regions, like EU (recently), and to avoid further restrictions even from Asian sides, they are making efforts, as I also heard, in EU side they will release some other MICA-compliant stable currency or maybe they made USDT MICA compliant.

Well, whatever they plan, it would be in favor of them, as without any plan, they can't just decide to audit themselves.

[yhiaali3]

Yes, this should have happened a long time ago, but it's good news nonetheless. Tether should have conducted this audit years ago, since suspicions arose that USDT was worth significantly more than the company's US dollar.

In any case, this is a good step by Tether that could increase its confidence among users who still prefer USDT over all other stablecoins, despite its centralization and lack of transparency.

[Z-tight]

They have to be audited first before we can really comment on this, the news say they have plans of doing it, but they haven't done it yet, so nothing much to say. I still don't believe that all circulating usdt is backed 1:1, audit or not, it is not recommended to hold usdt or stablecoins for a long time, it should be for a short time only.

[Baofeng]

They have to be audited first before we can really comment on this, the news say they have plans of doing it, but they haven't done it yet, so nothing much to say. I still don't believe that all circulating usdt is backed 1:1, audit or not, it is not recommended to hold usdt or stablecoins for a long time, it should be for a short time only.

Right, that was all we know before, that their stable coins are not back 1:1 that's why they don't want to be audited and really pushing everyone who wanted them to do it.

But it's a complete shift, maybe because of the Trump administration? I do believed that this is the case because why all of a sudden they are cooperating not just 1 auditor, but 4 of time.

[Finassets]

It's interesting to see Tether finally moving towards a full audit after years of promises, although the lack of specifics on timing and which firm is involved leaves some uncertainty.