Tether will undergo an audit from one of the top 12 consulting firms, but not the one from the big four as they are concerned about reputational risk, due to the lack of regulatory definitions around stablecoins, Tether’s CTO Paolo Ardoino told Euromoney. In an interview, the Tether CTO said:
“I think it’s one of the top 12, so not that bad. The big four are a bit more cautious about providing a full audit when the rules are not clear.”
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Ardoino declined to elaborate on when exactly Tether might get a new audit and from whom. Commenting on why Tether lacks transparency on its reserves, he said there’s still no united standard for stablecoins issuers about what data should be disclosed and what not. He said:
“We are open to provide more information. We wish that regulators would provide clarity on what is owed to be disclosed. If we disclose a [hypothetical] 10, it’s unfair that other stablecoins disclose a five.”
The interview comes after Tether’s website used for exchanging stablecoins into fiat money suffered a massive DDoS attack. According to Ardoino, the attackers demanded a “ransom” in USDT.
Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange