Tether’s General Counsel Stuart Hoegner, in a Tech Check CNBC segment on July 21, said that the company would conduct an audit in months. Tether’s reserves have long been a talking point in the crypto market, with many incidents in the past throwing shade on its reputation.
As the world’s most used stablecoin, all eyes will be on Tether (USDT) when it does release this audit. The company recently crossed a market cap of $60 billion, which is more than double that of the next biggest stablecoin, USD Coin (USDC).
The last audit did not sit well with the crypto community, and Tether also low-key changed its reserve backing. In its most recent reserve report, Tether’s consolidated assets were shown to completely back its supply.