The popular stablecoin Tether (USDT) removed its promises to conduct a regular audit from the Frequently Asked Questions (FAQ) section.
Previously, the FAQ often mentioned the question "Is Tether transparent"? (Tether is transparent?)
Tether's answer to the question:
Yes. The Tether platform is designed to be completely transparent at any time, and it is regularly tested. Each tether token is 100% currency supported.
Evidence for the original wording can be found in the original documents on web.archive.org from June 28 of this year. However, the latest update seems to have deleted the text “it also regularly checks”, which can now be seen in the current FAQ :
Yes. The Tether platform is designed to be completely transparent at any time. Each tether token is 100% currency supported.
This change was detected by Reddit – u / Toyake in a post titled "Tether Quietly Removes Promise Of Audits From FAQ".
This change alarmed investors, especially given the ongoing investigation by the US Department of Justice (DoJ) about Tether’s possible manipulation in December last year. The ability to create tether tokens and bring them to the cryptocurrency market theoretically gives Tether the ability to falsely inflate market value, essentially “printing money”.
In light of the controversy surrounding Tether, it seems particularly dubious that the company would prefer to remove its promises of an audit. Of course, if there are adequate reserves, a regular transparent audit should not be a problem ?!
And what do you think about this?
