Tether Promises Audit in Coming Months

Tether, company behind world's largest stable coin will release its audits, according to company's General Counsel. Today, in a interview with CNBC, Stu Hoegner said that an audit is "in process" and will arrive in "months not years".

Tether's stable coin USDT is the third biggest crypto currency by market cap. Being stable means USDT is pegged 1:1 with US dollar and every USDT is actually backed by real US dollar.

But many disagree with company's claim that its coins are backed by US dollar reserves(80%), savings and other investments. Earlier this year Tether settled a fraud investigation by New York AG’s Office, which found that tether's claims of its currency being fully backed were not true.

Considering the frauds settlemnet with New York AG office, Tether's reluctance to hand over the data to investigators and growing concerns and restlessness in crypto circles regarding the company's operational opaqueness, it is needless to say that an audit is over due.

Last time Tether promised an audit back in 2017, which never came. Whether Tether keeps up its promise this time or not, only time will tell.