Tether Terminated Cooperation With Friedman LLP

Friedman LLP was the auditor company of Tether's funds
29 January 2018   797

USDT issuer, Tether announced the termination of partnership with the audit company Friedman LLP. This is reported by CoinDesk.

The Friedman LLP company audited Tether tokens, which are represented on the large Bitfinex exchange. In the opinion of many critics, Tether issues not backed tokens in large amount. Bitfinex'd blogger is convinced that the excessive emission of such tokens caused a recent sharp surge in the price of bitcoin and other crypto-currencies, which was later replaced by a sharp dump in early 2018.

We confirm that the relationship with Friedman is dissolved.  Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame. As Tether is the first company in the space to undergo this process and pursue this level of transparency, there is no precedent set to guide the process nor any benchmark against which to measure its success.

Tether Statement

The last time the audit of Tether accounts was conducted by Friedman in September last year. As indicated in the preliminary report, the reserve of the tokens USDT was $ 442.9 million in the denominated currency.

Huobi & OKEx to List USDT-TRON

Both exchanges note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins
22 March 2019   146

Huobi Global and OKEx in two separate statements announced their intention to support the USDT, which is preparing to be launched on the Tron blockchain in the second quarter.

At the beginning of the month, Tron and Tether announced a partnership aimed at launching USDT in the TRC-20 format, which complies with the technical standard of the Tron blockchain. The new token is intended for use in all decentralized applications in the Tron ecosystem and is designed to increase its liquidity.

Huobi Global and OKEx note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins. Both exchanges will support USDT in three formats: on the Bitcoin blockchain via the Omni protocol, on the Ethereum blockchain in the ERC-20 format and on the Tron blockchain.