Tether, the largest stablecoin provider in the crypto currency market, plans to work with the world’s leading audit companies such as KPMG, Deloitte, Ey or PWC to have full inspection of reserves. Paolo Ardoino, CEO of the company, said that the audit is now possible due to market conditions and increasing regulations. Ardoino stressed that this control will increase the transparency of reserves and strengthen the trust of investors. Although Tether regularly shared reserve reports, a comprehensive audit has not yet been subjected to.
Audit process and the importance of transparency
Tether has long been criticized for the transparency of his reserves. For this reason, the opening of the company’s reserves to a fully comprehensive audit is considered as an important development by the market. CEO Paolo Ardoino said that new regulations and market conditions are now possible to control a large -scale control. Ardoino said, ız Currently, our priority is to realize the full control of our reserves. This process will increase the trust of our users and investors to us, ”he said.
Strategic crypto currency reserves initiated during the Trump period in the United States and arrangements such as recently proposed GENIUS law aim to take stablecoin providers under a tighter control. These regulations increase the pressure of making Tether’s reserve management more conservative and transparent. In addition, the company, the agreement with the audit firms is expected to give a positive message to the market.
The Effect of Global Regulations on Tether
Apart from the USA, new regulations in Europe and other regions increase the difficulties faced by stablecoin providers such as Tether. In particular, Mica regulations implemented in Europe can lead to some platforms of companies that do not receive licenses. Such developments mean that Tether will face more globally regulatory pressure.
The increasing expectations of the regulators require Tether to manage their reserves more reliably and transparently. In this respect, it is important for the company to give confidence to regulatory institutions and investors in cooperation with the major audit companies. Company officials expect this cooperation to increase market reliability and company reputation.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
