Scott Melker discusses Tether’s (USDT-USD) completion of a Big Four audit executed by KPMG.
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we can put aside to death finally one of the largest pieces of FUD, fear uncertainty and doubt against the crypto industry for over a decade.
Crypto firm Tether says KPMG completes long promised audit. There are people on the internet whose entire identities have been questioning whether Tether was actually backed by the assets that they said they had. Well now one of the big four firms has audited them and confirmed the backing of all of their assets. This was a deep audit. Some are calling it the largest audit in the history of financial markets for a first audit because they checked the transactions, they checked the actual holdings. They literally went to the vault and checked every single individual bar of gold that Tether owned to make sure that they were real and that they had them. So
the story is probably nuanced, right? I’m assuming when Tether launched years ago that they were not backed solely by short-term treasuries and that maybe they were backed by riskier instruments, but with time as they became more legitimate and the industry did, that became a problem that should not have even been discussed.
It’s being put to bed now and hopefully we will never ever ever have to hear about it again. You may remember that literally, Howard Lutnick who’s the commerce secretary said, we’re Cantor Fitzgerald and we’re holding the assets that back it, it’s fine. But now we have the audit that people have been begging for, begging for for years. I think that this is uh actually really, really big news. At least it kills one more of the negative narratives that we’ve had around crypto even uh in recent days. I know Jason Calcas from the All-in podcast has been very skeptical and critical of Tether saying that they’re not fully backed because he read something on the internet somewhere.
Right? Well, now all of the uh Fudsters and all the doubters can now change their opinion with superior information. And I listen, if they had reason to doubt it, okay, fine. Like I am a firm believer in strong opinions loosely held, but if we still see this nonsense after it’s now been proven, you know that somebody is just emotionally attached to their position against Tether.
