Tether Fights Back After WSJ Article “is a Series of Unsubstantiated Conclusions”
Also, Tether’s Consolidated Reserves Report has been approved and accepted by several stakeholders and business analysts. The margin of Tether’s reserves also applies to several other stablecoins in the market. Thus, it highlights the propaganda of WSJ to single out Tether and damage its credible reputation in the market.
Additionally, the firm states that it has not had an audit, and it has been vocal and honest about it. Nonetheless, the stablecoin offering company is working towards an audit. It also pointed out that all rival claims of having an audit are false because there has been no such audit.
Tether further commented on WSJ’s narrative of the margin of failure in Tether’s business model. The company stated that any efforts from hedge funds to hurt Tether’s liquidity have gone in vain. It shows that these firms misunderstand the fundamentals of the organization.
Tether has re-emphasized that it was able to redeem more than $16 billion of issued tokens in recent months. Even though international accounting standard setters have not provided a standard for digital assets like stablecoins, Tether’s audits and attestations are similar to any other business. However, the company offers utmost transparency under the International Financial Reporting Standards. It is also committed to maintaining its position at the top of the stablecoin market