Tether to undertake full audit by top 12 firm for transparency over USDT reserves
A business called MHA provides attestations of its reserves, and Tether is working on a comprehensive audit – something other stable currencies also lack, according to Tether’s chief technology officer (CTO) Paolo Ardoino in an interview with Euromoney.
Short sellers have so far merely proven that the stablecoin can keep a one-to-one peg to the dollar. Tether’s value temporarily dropped below 95 cents on certain cryptocurrency exchanges in May, as the value of a competing stablecoin known as TerraUSD (USDT) and its sister token LUNA plummeted.The ensuing dollar redemptions are compared by Ardoino to bank runs that occurred in the past.
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