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Someone just deleted a comment so I’ll put it again here “ Tether is backed by nothing, so it can presumably print without end. If it's suspected they've done t

Someone just deleted a comment so I’ll put it again here “ Tether is backed by nothing, so it can presumably print without end. If it's suspected they've done this, it could lose its peg. If that happens, it could have consequences.” There is no reason not to do an audit except when it’s a scam/all money gone. No accounting company wants to do their audit - guess why.

wslh 1y ago
> Tether is backed by nothing... If you look at their yearly profits and liquid cash, clearly Tether is backed by something. This is not the same as saying that they have full transparency but you cannot have those profits in dollars out of thin air.
- throwaway-0001 1y ago
  “Since at least 2017 … Tether has been assuring investors that it will get audited, though it has yet to deliver“ can you give me a single reasonable reason this was not done in 8 years? Usually the correct answer is the simplest - fraud.
  - wslh 1y ago
    My argument doesn't contradicts yours but, again, you are not the 17th largest holder of US debt out of thin air.
    - throwaway-0001 1y ago
      Profits can be a simple Ponzi scheme without a proper audit. That’s the simpler answer. Any evidence that they actually own? “ In its own attestation report for Q2 2025, Tether stated it holds about US$127 billion in U.S. Treasuries” this is the only source. And tbh anyone can “attest” it owns billions of whatever. Again, no audit because there is nothing there. They only attest through BDO Italia. And attestations are easily gamed. Usually worthless, but useful for usdt hodlers. I wonder why they use bdo? See below their history. About bdo: In the UK, a former senior manager at BDO (in the UK member firm) was banned for 20 years for creating false audit documents and mis-using signatures. In July 2025 the UK regulator Financial Reporting Council (FRC) flagged the BDO network as having audit quality “significantly short of expectations”. Only about half the audits reviewed were deemed satisfactory
delabay 1y ago
As of 2025, USD stablecoins are a regulated industry. The frequency of uninformed comments like these will asymptotically go to zero.
- disgruntledphd2 1y ago
  > As of 2025, USD stablecoins are a regulated industry. The frequency of uninformed comments like these will asymptotically go to zero. You didn't answer the audit question, which is really important.
- array_key_first 1y ago
  Right, but Tether doesn't comply with the law at all. So... I mean they might, maybe. But you can't point to the law as proof of something when the thing you're defending doesn't follow the law.

wslh 1y ago

> Tether is backed by nothing... If you look at their yearly profits and liquid cash, clearly Tether is backed by something. This is not the same as saying that they have full transparency but you cannot have those profits in dollars out of thin air.

throwaway-0001 1y ago
“Since at least 2017 … Tether has been assuring investors that it will get audited, though it has yet to deliver“ can you give me a single reasonable reason this was not done in 8 years? Usually the correct answer is the simplest - fraud.
- wslh 1y ago
  My argument doesn't contradicts yours but, again, you are not the 17th largest holder of US debt out of thin air.
  - throwaway-0001 1y ago
    Profits can be a simple Ponzi scheme without a proper audit. That’s the simpler answer. Any evidence that they actually own? “ In its own attestation report for Q2 2025, Tether stated it holds about US$127 billion in U.S. Treasuries” this is the only source. And tbh anyone can “attest” it owns billions of whatever. Again, no audit because there is nothing there. They only attest through BDO Italia. And attestations are easily gamed. Usually worthless, but useful for usdt hodlers. I wonder why they use bdo? See below their history. About bdo: In the UK, a former senior manager at BDO (in the UK member firm) was banned for 20 years for creating false audit documents and mis-using signatures. In July 2025 the UK regulator Financial Reporting Council (FRC) flagged the BDO network as having audit quality “significantly short of expectations”. Only about half the audits reviewed were deemed satisfactory

delabay 1y ago

As of 2025, USD stablecoins are a regulated industry. The frequency of uninformed comments like these will asymptotically go to zero.

disgruntledphd2 1y ago
> As of 2025, USD stablecoins are a regulated industry. The frequency of uninformed comments like these will asymptotically go to zero. You didn't answer the audit question, which is really important.
array_key_first 1y ago
Right, but Tether doesn't comply with the law at all. So... I mean they might, maybe. But you can't point to the law as proof of something when the thing you're defending doesn't follow the law.