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Headline : Tether touts profits and new ‘compliance’ plan, loses transaction war with USDC

Read more from the original article on here at coingeek.com.





Tags : #tether #touts #profits #new #compliance #plan #loses #transaction #war #usdc


No. of Paragraph 44

Home » Business » Tether touts profits and new ‘compliance’ plan, loses transaction war with USDC

Tether can’t stop bragging about its alleged profits even as the cries grow ever louder for a U.S. law enforcement crackdown on the world’s largest stablecoin.

On May 1, Tether issued the latest attestation of the fiscal reserves allegedly backing the roughly $104 billion in circulating USDT at the end of the first quarter of 2024 (currently over $110 billion). Tether claims to have enjoyed a “record profit” of over $4.5 billion in the first three months of the year, but as always, the devil’s in the sparse details that Tether deigns to share with the public.

A reminder that the attestation, conducted as usual by BDO Italia, is based solely on data provided by Tether that it claims were accurate on March 31—not the day before, nor the day after. Take that for what it’s worth, but what it isn’t is a professional third-party audit, something Tether has been promising (but failing) to deliver for years.

Read more from the original article on here at coingeek.com.


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