<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/tether-expands-influence-but-faces-audit-hurdles" rel="noopener noreferrer nofollow">Tether Expands Influence but Faces Audit Hurdles</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/tether-takes-an-active-role-in-combating-criminal-activities" rel="noopener noreferrer nofollow">Tether</a>, a major player in the stablecoin market, recently increased its circulation by injecting an additional $2 billion <a href="https://en.bitcoinhaber.net/tether-and-bitfinex-take-steps-towards-transparency-and-reserve-confidence" rel="noopener noreferrer nofollow">USDT</a> into the market. This move has not only solidified Tether’s position in the cryptocurrency world but also intensified calls for enhanced transparency concerning its treasury reserves. Tether’s CEO, Paolo Ardoino, has expressed a commitment to undergo rigorous auditing by one of the Big Four accounting firms, aiming to bolster investor confidence amidst growing scrutiny.</p>
<h2 id="challenges-in-securing-top-audit-firms">Challenges in Securing Top Audit Firms</h2>
<p style="text-align: justify">Despite Tether’s proactive approach, securing a partnership with prestigious audit firms such as Deloitte, PwC, EY, and KPMG has proven challenging. These firms are cautious due to the potential reputational risks associated with the cryptocurrency sector. Ardoino emphasized that engaging a renowned auditor remains a high priority for Tether as it seeks to enhance transparency and satisfy investor demands for accountability.</p>
<p style="text-align: justify">The urgency for a comprehensive audit of Tether’s reserves is underscored by its vast market valuation, which exceeds $109.5 billion, making USDT the third largest cryptocurrency in circulation. The need for such audits is further necessitated by allegations of Tether’s involvement in illegal activities within the crypto market, which could undermine investor trust.</p>
<p style="text-align: justify">The complexities of the cryptocurrency industry, including frequent <a href="https://en.bitcoinhaber.net/crypto-company-curio-suffers-16-million-theft-in-smart-contract-breach" rel="noopener noreferrer nofollow">security</a> breaches, regulatory pressures, and the fallout from significant events like the FTX bankruptcy, contribute to the hurdles faced by Tether in securing a partnership with top-tier audit firms. However, Ardoino remains determined to enhance the company’s auditing standards, currently upheld by quarterly validations from BDO Italia.</p>
<h2 id="regulatory-scrutiny-and-industry-critique">Regulatory Scrutiny and Industry Critique</h2>
<p style="text-align: justify">U.S. Senator Elizabeth Warren and other notable figures have voiced concerns over the perceived inadequacies in cryptocurrency oversight, which amplify the regulatory challenges faced by entities like Tether. Ardoino acknowledges these concerns and stresses the need for Tether to navigate and adapt to these regulatory landscapes effectively.</p>
<h3 id="points-to-consider">Points to Consider</h3>
<ul>
 <li>The expansion of USDT by $2 billion highlights Tether’s growth strategy and its impact on market dynamics.</li>
 <li>The difficulty in securing audits from top firms points to ongoing reputational and trust issues within the crypto industry.</li>
 <li>Regulatory and legal challenges remain significant barriers that Tether must address to maintain and enhance investor confidence.</li>
</ul>
<p style="text-align: justify">In conclusion, Tether’s strategic moves to expand and its efforts to secure top-tier audits are pivotal in shaping its role and reliability in the cryptocurrency market. As the industry continues to evolve, the outcomes of these efforts will be critical in determining Tether’s position and stability in the financial landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/tether-expands-influence-but-faces-audit-hurdles" rel="noopener noreferrer nofollow">Tether Expands Influence but Faces Audit Hurdles</a></h5>

Tether Expands Influence but Faces Audit Hurdles

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