Recent reports say that the CEO of Tether, Paolo Ardoino, is in talks with the four large accounting firms to finally carry out a third -party audit. However, some members of the community are skeptical, citing a lack of firm commitments.
Such an audit would be mandated by the next Stablecoin regulation and an absolute requirement for future cooperation with the United States government.
Tether finally gets an audit?
Attached, The transmitter of the largest stable in the world, could soon seek narrower integration with the American government. Yesterday, in a speech, President Trump alluded to his vision of the role of stablecoins in promoting the domination of the dollar.
To carry out this partnership, Tether will finally have to accept a third -party audit.
According to a new Reuters report, Tether is committed with a Big Four accounting firm to make this audit. He did not specify which of these companies, Pwc, Ey, Deloitte and KPMG, were in these talks or what progress had occurred.
“This is our absolute priority. Now we live in a landscape where it is really possible. If the President of the United States says that it is the absolute priority for the United States, the four major audit companies will have to listen,” said Ardoinino.
However, the news followed a lot of community skepticism in the broad sense. Despite regular internal reports, a new financial director and years of promise, Tether has never submitted to a third -party audit. This has created a certain jaded attitude in certain parts of the community.
Some have hypothesized that the company could try to guarantee an audit reserved for reservations, but the large four probably only suit only complete accounts. Ardoino’s comment on Trump’s “absolute priority” seems to be revealing of this angle.
Why would the large four need an incentive like this for a normal audit? The attachment achieved $ 13 billion in profits last year; This can surely afford their services.
Stablescoin regulation may take an agreement
A third -party audit is essential for Tether due to the next potential American Stablecoin regulations. According to the proposed engineering law, stablecoin issuers will have to submit to independent audits and have a large part of their reserves in assets such as the bonds of the Treasury.
Thus, the transmitters of Stablecoin will not be able to operate on the American market without audit of their reserve assets based on the American Treasury.
Yesterday, the company revealed that it had bought $ 33 billion in cash bonds last year. However, Ardoino said that 99% of them were held by Cantor Fitzgerald, a company with long -standing ties with Tether.
The CEO of the company was Howard Lutnick until he resigned to become US Secretary to Trade. These political ties have attracted some anger.
“Tether has a contested reputation at the very least. It should be prohibited from buying us treasury bills until they succeed in a series of in -depth checks of American regulators – and this audit should return to their creation. We take a huge and useless risk by letting this company enter our financial system,” said Jason Calcanis.
In other words, Tether’s skeptics are still not convinced that the Stablecoin issuer will go through a large -scale public audit. Thanks to these political links and these substantial cash obligations, Tether is well placed to make a serious partnership with the United States.
However, unless he passes an audit, such as mandated by future regulations, the American presence of Tether could be in danger.
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