Tether Denies WSJ Financial Non-Transparency Accusations

Tether immediately responded to the information in the WSJ article. According to the stablecoin issuer, the most recent article from the WSJ against Tether is a series of unfounded conclusions. The company also affirms that the information it gives is the most transparent and honest in the market.

As updated in a previous Coincu News article, a Wall Street Journal (WSJ) article said Tether‘s (USDT) balance sheet is in such bad shape that merely a 0.3% loss in the value of its reserve assets might “render” Tether technical insolvent.”

WSJ Jeans focused Eaglesham and Vicky Ge Huang on the hazy nature of USDT reserves in a Saturday piece, as well audit as the long-awaited that has been in the works 2017.

Addressing the same issue in its latest blog post, the stablecoin issuer that it intends to carry out audits. However, it went on to label the WSJ report to be a “series of unsubstantiated conclusions”.

“The article seeks to discredit the work that Tether has put into transparent and honest communication to the public.”

It added

Back in July, Tether had switched accountants – from a small Cayman Islands – based firm to BDO Italia – the Italian member of the global BDO network. The WSJ, however, referred to the reputable and independent Top 5 audit firm as a “Tether accounting firm.” In its retaliation, Tether told that the same was “erroneously written by the WSJ.”

“BDO will continue to have unrestricted access to any relevant information to perform their work and Tether will continue to share its attestations, despite continuous attempts by the media to disparage its reputation and that of top-ranking firms like BDO that are working with digital asset companies.”

It further asserted

In the statement released, the stablecoin issuer also went on to clarify that Treasury Bills have been the “premier safe asset” for the past several decades. It also added, “to assume that our business is unprofitable is false” and went on to quash other missstatements from the WSJ report.

“Tether’s disclosures have been the most honest and transparent in the market – everyone knows that we have not had an audit and they know we are working towards one.”

The stablecoin issuer’s statement concluded by highlighting

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