Every time Tether was going to get an audit
Tether, the world’s largest stablecoin, has announced that Simon McWilliams will succeed Giancarlo Devasini as chief financial officer as the firm once again commits to a “full audit.” Devasini will continue as its chairman. Tether’s promise of an audit of its reserves dates back to the company’s launch, and the fact that it’s remained unaudited has been a common rallying cry for its detractors. Click to enlarge. Tether apparently believes an audit is ‘crucial’ On March 9, 2015, Tether announced that it had partnered with Factom “to innovate our transparency and audit strategy.” Despite this announcement, the partnership didn’t result in any visible changes to its transparency strategy. By May 16, 2015, Tether’s website promised that its reserve holdings were “subject to frequent professional audits.” In Tether’s original whitepaper, with the archive dating to September 21,...