Cody McGrath 
The CTO of Tether, Paolo Ardoino claimed that Tether (USDT) has held against brief marketing and redemptions despite the crypto market crisis.
Tether, according to Paolo Ardoino, has always been more honest about its reserves. MHA, an accounting company, validates Tether reserves on a quarterly basis. In fact, Tether intends to have its reserves thoroughly audited. However, The Big Four accounting firms are still unavailable due to the lack of regulatory definitions for stablecoins.
Tether (USDT) Reserves Will Be Fully Audited – CTO
In an interview with Euromoney, Paolo Ardoino said that Tether has provided information about its reserves for the past two years and that it will provide more information if regulators demand it.
“We wish that regulators would provide clarity on what is owed to be disclosed. If we disclose a [hypothetical] 10, it’s unfair that other stablecoins disclose a five.”
Tether’s CTO Paolo Ardoino claims that disclosing reserve details to the public harms relationships with partners and banks. It is unethical to reveal information about banks and counterparties.
Currently, MHA, an accounting firm provides quarterly attestations of reserves. Also, a top 12 accounting firm has been hired to conduct a complete audit of the reserves. However, according to some reports, the UK Financial Reporting Council is investigating the company.
Tether (USDT) is mostly backed by fiat-denominated reserves, Paolo Ardoino claimed, with only a small proportion in digital assets. Tether has also reduced its commercial paper holdings. In fact, the company has never repaid its dividend, thus interest continues to accumulate in its reserves.
“Tether redeemed 10% of its assets in 48 hours and, we could have done much more than that. In total, in 10 days, it was around $11 billion or 13% of our assets and still no problems.”
Tether (USDT) dropped below $70 billion
The USDT market cap has dropped below 70 billion as a result of increased redemptions amid the depeg. The USDT now has a market value of $67.84 billion, according to CoinMarketCap.
Meanwhile, the market cap of the USDC stablecoin continues to rise as it appears to be more stable than USDT, which has depegged throughout the recent crypto market volatility.