An official audit of the Tetra treasury is scheduled for the coming months. According to Tetre’s legal advisor, this time the audit of this digital currency will not be postponed to the coming years.
to the Report According to Quinn Telegraph, a formal audit of the world’s most popular Quinn Stable will take place in the next few months, according to Tetra Legal Advisor.
The audit of the world’s third-largest digital asset has been delayed for several years, and increasing pressure from regulators appears to have accelerated the process.
Paolo Ardoino, Senior Director of Tetra Technology, and Stu Hoegner, Legal Adviser to the project, appeared on CNBC to answer the host’s challenging questions about USDT support and transparency.
In response to these questions, Hogner said:
We are trying to conduct financial audits, something that no other company in the field of stable coins has done so far.
Hogner said Tetr hopes to be the first company to do so, adding that the audit will take place in the coming months and will not be postponed to future years. He also said that the Tetra units are backed by their own reserves, one by one, but acknowledged that not all of these reserves are in US dollars. According to Hogner, Teter reserves are the same as the dollar equivalent, but also include cash equivalents, bonds, secured loans, digital assets, and other investments.
The current USDT market value is estimated at $ 62 billion, according to Tetra Transparency Report. This represents a 195 percent increase since the beginning of the year, although the USDT lags behind its competitors, the USCI (USDC) and the US BainD (BUSD).
Circle, a supplier of stable US digital currency, released its stock disclosure report on July 21, showing that 61% of USDC reserves were in cash or cash equivalents and the rest. It is held in the form of commercial bonds, treasury bonds and bonds.
In a related incident, Paxos, in a report released on July 21, pointed the finger at the circus and Tetra and claimed that they were fully and comprehensively controlled by the financial regulators. They do not take.
The report states:
Neither US Quinn nor Tetra are considered legal digital assets, as none of them are overseen by any legislature. In fact, the US, Quinn, and Tetra tokens bear no resemblance to a Stablecoin.
Paxos claims that 96% of its Stablecoin reserves are in cash or cash equivalents.
In May, Teter announced the composition of its reserves for the first time, following an increase in the sensitivity of US lawmakers. The company has been providing periodic reports on its reserves since reaching an agreement with the New York Attorney General in February.