Tether: The USDT audit report has not been released because the four major accounting firms are unwilling to audit

This site (120bTC.coM): Although the U.S. dollar stable currency USDT issued by Tether has firmly established itself as the stable currency hegemon with a market value of more than 109 billion U.S. dollars, due to its long-term It has only released quarterly reserve certificates to the outside world, but has never issued an audit report, so it has been criticized by the outside world.

Tether CEO: None of the Big Four accounting firms are willing to audit

As for the reason why the audit report is not released to the public? Tether CEO Paolo Ardoino explained in an interview with DLNews yesterday that the Big Four accounting firms (Deloitte, PwC, KPMG and EY) were unwilling to cooperate with Tether because they were worried about damaging their reputation or fearing that Annoying original clients: The Big Four accounting firms are afraid to audit Tether because they are worried that it will damage their reputation... If you are one of the Big Four firms and the entire banking industry is your client, why would you want to just 100,000 customers, going to buy some stablecoins?

However, Ardoino also added that Tether will still be committed to obtaining authoritative audits of its asset reserves: We are working hard to establish a cooperative relationship with the four major firms. Although our profits will not be as huge as those of traditional financial companies, blockchain records will make our assets easier to audit.

Tether completed SOC2 Type 1 audit

On the 1st of this month, Tether announced the successful completion of the System Organization Control (SOC) 2 Type 1 audit, which was conducted by the United States Developed by the Institute of Certified Public Accountants (AICPA), it is the preliminary stage for the "highest level of security compliance" an organization can demonstrate.

In this regard, Tether CEO Paolo Ardoino said: This compliance measure assures our customers that their assets and data are properly managed in an environment that meets the highest standards of data protection and information security. Having this independent verification of security controls is extremely important to Tether and demonstrates our commitment to becoming the most trustworthy and compliant stablecoin in the world.

Tether’s market value exceeds US$109 billion

In the past year, the market value of Tether’s US dollar stable currency USDT has continued to grow. At the time of writing, it has exceeded US$109 billion, which also makes it the only The third largest cryptocurrency after Bitcoin and Ethereum.

The above is the detailed content of Tether: The USDT audit report has not been released because the four major accounting firms are unwilling to audit. For more information, please follow other related articles on the PHP Chinese website!