Paolo Ardoino claims that on all major cryptocurrency exchanges, Tether USDT stablecoins are the most traded and popular crypto asset. Even compared to Bitcoin, Ethereum and Solana. This means that when stock speculators buy or sell their digital assets for dollars, they usually do so using USDT.
The head of Tether assured that it is extremely important for his company to regularly demonstrate to investors that the USDT peg to the dollar is backed by sufficient reserves. A reserve audit by any of the Big Four would allow the company to address long-standing investor concerns about the financial strength of the USDT issuer.
“However, none of the Big Four companies will audit us. Because he will not risk his reputation by building relationships with representatives of the high-risk cryptocurrency industry. Why would you risk thousands of banking clients for one stablecoin issuer?..,” the CEO complained.
Paolo Ardoino noted that despite the official audit and reserves of $3.3 billion, Circle could not avoid short-term depegging of USDC amid the Silicon Valley Bank bankruptcy scandal in 2023. At the same time, the assets of Tether and its main competitor, Circle, can be easily cross-verified in the blockchain, which also reduces the attractiveness of cryptocurrency companies in the eyes of the Big Four. After all, stablecoin providers will not be as lucrative clients for auditors as traditional financial firms.
The day before, Tether's CEO said that the company had successfully passed the independent security audit of System and Organization Controls 2.
Source: Bits
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