​Tether, the world’s largest stable coin by market capitalizat | Crypto Dive

​Tether, the world’s largest stable coin by market capitalization, is set to be audited by the top 12 firm to provide transparency over its reserves.

After the collapse of the stable coin TerraUSD, the short sellers started to bet against other stable coins, including Tether, causing its price to fall below 95 cents. The CEO of Tether commented that in contrast to TerraUSD, which wasn’t backed by anything, Tether honoured a tonne of withdrawal requests within minutes by redeeming 10% of its assets in 48 hours.

The full audit should bring more transparency and compliance with a regulation; however, if the short sellers will succeed with the bet against Tether, the effect on the crypto market will be catastrophic.