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General Counsel has recently revealed that Tether stablecoin is releasing long-awaited audits very soon. The third-largest digital asset by market capitalization and the largest stablecoin has revealed that it is releasing its audits for years.
Stu Hoegner of Tether Revealed Stablecoin Will Release Audits
The general counsel of Tether, Stu Hoegner, appeared in an interview with CNBC in which he said that an audit is currently in the process, and it is going to arrive in months not years.
Talking about the stability of the coin, Tether is stable because it is pegged 1:1 with the US Dollar. This in turn helps the asset to avoid fluctuations in its price dissimilar to the other volatile assets in the market.
well…more questions than answers on #tether
but appreciate @bitcoinlawyer & @paoloardoino coming on and take some tough questions
they say an audit (not attestation) is *months* away. we look forward to it and hope to have you back
ICYMI: https://t.co/fa67TKj8Gd
— Deirdre Bosa (@dee_bosa) July 21, 2021
Tether Inc, the firm behind Tether, has recently claimed that its coins are backed by the US Dollar that is held in reserve, bonds, cash equivalents, and secured loans along with other investments.
The stablecoin is, without any doubt, the leader of the crypto market in terms of trading volume as, just in the past 24 hours, around $52.9 billion worth of currency was traded.
The Rise in Trading Volume and Trust in USDT
Hoegner, along with the CTO of the firm, Paolo Ardoino addressed the fact the coin is now trusted by the users and said:
“More importantly, our 24-hour volume across exchanges, lately, is $45-50 billion, which dwarfs the competition.”
In addition to this, he mentioned the acceptance of the crypto market and said:
“We believe the market has spoken. The market has shown its trust and confidence in Tether and its products.”
Back in the month of May, Tether released its reserves breakdown for the very first time since 2014. Talking about transparency, Hoegner said:
“We are leaders in transparency. We are not just keeping up with rules, but we are helping to shape them, and we are helping law enforcement and regulators globally.”