Tether Is Preparing Audits For the Upcoming US Stablecoin Regulation

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🚨 Tether’s Big Audit Gamble: Will They Finally Get Their Act Together? 🤔

Tether Is Preparing Audits For the Upcoming US Stablecoin Regulation

Oh joy, oh rapture! Tether, the issuer of the world’s largest stablecoin, might actually be considering a third-party audit. Because, you know, they’ve been doing just fine without one all these years… 🙄

According to a new report from Reuters, Tether is in talks with one of the Big Four accounting firms (because who needs a small, independent firm, right?) to make this audit happen. But don’t get too excited, folks, because some members of the community are still skeptical. Like, have you seen their track record? 🙅‍♂️

Is Tether Finally Getting An Audit?

Tether’s CEO, Paolo Ardoino, is all like “Oh, we’re totally committed to this audit thing!” But we’ve heard that before, haven’t we? 🤥

Apparently, Ardoino is in talks with one of the Big Four firms, but we don’t know which one (because, you know, transparency is overrated). And even if they do agree to an audit, there’s no guarantee it’ll be a full, transparent audit. Maybe they’ll just get a reserve-only audit, like they’ve been promising for years. 🙄

“It’s our top priority. Now we are living in a landscape where it’s actually feasible. If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen,” Ardoino claimed.

But let’s be real, folks. Tether’s got a lot to lose if they don’t get their act together. The upcoming US stablecoin regulations are going to make it super hard for them to operate in the US market without an audit. And let’s not forget about those pesky Treasury bonds… 🤔

Stablecoin Regulation May Hold Up A Deal

So, what’s the holdup? Well, it seems like Tether’s got some serious ties to the US government (hello, Cantor Fitzgerald!). And that’s not exactly helping their reputation, if you know what I mean. 😒

“Tether has a challenged reputation to say the least. It should be banned from buying US Treasuries until they pass a series of deep audits by US regulators — and that audit should go back to their inception. We’re taking a huge, unnecessary risk by letting this firm into our financial system,” Jason Calcanis claimed.

So, will Tether finally get their act together and undergo a real, honest-to-goodness audit? Only time will tell. But one thing’s for sure: if they don’t, they’re going to be in some serious trouble. 😳

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2025-03-22 02:25