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"After 12 years of trading in the crypto market, Tether’s USDT is finally getting an audit. This is something investors and critics have been demanding for years – and now, it’s actually happening. That’s because Tether has tapped KPMG (a “Big Four” auditor) to carry out a comprehensive review of its reserves. For the first time, we’ll get a clear look at what’s really backing crypto’s largest stablecoin, USDT."
~ Coin Bureau
This video discusses Tether's announcement that it has finally hired a big four accounting firm, specifically KPMG, to conduct the first full independent audit of its USDT stablecoin reserves. For years, Tether has faced criticism and legal challenges regarding the transparency and composition of its backing, moving from opaque beginnings to providing quarterly attestations that currently show a heavy reliance on liquid US Treasury bills. The shift from attestations to a comprehensive audit is seen as a major milestone that could bolster institutional confidence, potentially allowing Tether to register under new regulatory frameworks and even pursue a public listing. While a successful audit could solidify Tether’s market dominance over competitors like Circle’s USDC, the video also notes the risks involved if any discrepancies are found. Furthermore, the summary highlights how this increased legitimacy could benefit specific blockchain networks and related tokens, such as Plasma and Stable, as well as major platforms like Ethereum and Tron where USDT is widely used.
0:00 The History of Tether
5:31 Tether’s Path To Transparency
11:18 Why An Audit Has Taken This Long, And Why Now?
15:19 What Impact Could Tether’s Audit Have?
18:48 Which Cryptos Could Benefit
Source - Coin Bureau YouTube: https://www.youtube.com/watch?v=qP7Md-JN7TE
Disclaimer: This video is provided for informational purposes only, and not offered or intended to be used as legal, tax, investment, financial, or any other advice.
