cryptocurrency

Tether rejects allegations of insufficient stablecoin reserves

Tether rejects allegations of insufficient stablecoin reserves
  • The company revealed its intention to provide monthly updates on the financial reserves.
  • She denied the article’s assertions that the company was losing money.

As Tether said, “unconfirmed conclusions” were made about the adequacy of the stablecoin reserves. Rope He responded with a statement after a Wall Street Journal report raised questions about the company’s reserves. An article in the magazine said the company’s audited financial statements have been in high demand for some time.

The company stated:

“Tether’s disclosures have been the most honest and transparent on the market – everyone knows we haven’t conducted an audit and they know we’re working on one. Assuming our business is unprofitable is wrong. According to the Consolidated Reserves Report, Tether has never disclosed any equity on Although it has been profitable for several years.”

International Reporting Standards

The Tether leadership believed that they had been attacked for their stablecoin holdings. Although this range applies to other stablecoins in the market, Tether has been highlighted. Furthermore, the company has been open with its disclosures as it prepares for the audit, the company claimed. She denied the article’s assertions that the company was losing money. The administration once again confirmed that more than $16 billion of the easily issued token has been recovered.

According to a Wall Street Journal report, cryptocurrency companies are not entirely forthcoming with their financial statements. He went on to say that even if companies did audits, there would be no traditional accounting practices for digital assets. To counter this assertion, Tether has pledged to be fully open in accordance with the principle of International Financial Reporting Standards.

At the beginning of August, the company announced its partnership with the prestigious accounting firm BDO Italy. Furthermore, it revealed its intention to provide monthly updates on the stablecoin’s underlying financial reserves.

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