Tether (USDT) stops just short of an audit

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Tether has been surrounded by a conspiracy since a long period of time. The main concept of the tether is that the number of tokens which are issued are directly backed against an equivalent amount in US dollar. However, many people believe that tether, is not doing so. That is why people believe that the value which is provided by tether (USDT) is actually much less as compared to the US dollar.

Surprise transparency update by tether (USDT):

In a surprise transparency update by tether, it showed a law firm that it had US$ 2.6 billion to cover the USDT which are currently in circulation. However, it still did not go for the full audit. The critics were saddened by the fact that tether (USDT) is not attempting to solve this problem once and for all. If it goes for a proper audit, there will be no conspiracy or there will be no rumors at all. The value of tether will increase as well. It will become more credible. The demand for tether will increase as well. However, all of this will only happen when they go for a public audit which has been missing until now.

Also, since they are backed against the dollar, each and every token which they release should be backed up by an equivalent amount in US dollar. This is one of the main reasons why investors are also scared of investing in the tether. Even, the US authorities are worried about the same. Recently, tether stated that during the past several months, there is been increased scrutiny on the cryptocurrency. As a result, they have spent a significant amount of time in quelling all of these rumors.

This was one of the main reasons why they showed the amount which is currently backing tether in circulation to the law firm.

Freeh, Sporkin & Sullivan:

Freeh, Sporkin & Sullivan is the law firm which was responsible for looking at the amount which is backing of the tether cryptocurrency in circulation. They did so on June 1. The law firm confirmed that the number of tether tokens (USDT) where backed up by the equivalent amount of US dollars. As a result, this provides some increase the credibility to tether.

Most of the cryptocurrency experts and holders are advocating an independent audit. If indeed, independent audit takes place, the debate will settle once and for all. It will not take months together like it happens in the past. This is the reason why investors are of the opinion that there should be an independent audit. It remains to be seen whether, in the future, such an independent audit of the tether (USDT) takes place.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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