ChainCatcher news, according to Reuters, the world's largest stablecoin issuer Tether is in talks with one of the Big Four accounting firms to advance its long-promised reserve audit.Tether has issued over $140 billion worth of dollar-pegged cryptocurrency, and the company claims that each token is backed by dollar-denominated assets. Currently, it only releases quarterly reports and has not completed a full audit.Tether CEO Paolo Ardoino did not disclose the specific firm or timeline for the audit, stating, "This (audit) is our top priority."Earlier this month, Tether appointed Simon McWilliams as Chief Financial Officer to oversee the comprehensive financial audit.At the same time, Tether is also continuously enhancing reserve transparency, purchasing over $33.1 billion in U.S. Treasury bonds in 2024, becoming the seventh-largest buyer of U.S. Treasury bonds.

ChainCatcher news, Binance founder Changpeng Zhao stated in an interview with CNBC that BUSD is not issued by Binance, but by Paxos. In a bear market, exchanges should hold a large amount of stablecoins; otherwise, it can be seen as a dangerous signal. Even if all customers withdraw at the same time, it would not affect Binance's normal operations, as all cryptocurrencies at Binance are fully backed by reserves. Issuing tokens is the best way to raise funds, but it is rife with scams. The issuance of tokens as a tool should not be banned, but rather the companies that abuse this tool should be prohibited.Additionally, Binance will announce a fully independent asset reserve audit in a few weeks. Binance has always supported regulation of the industry, but regulation needs to find a balance that encourages innovation while punishing bad actors and protecting users. Changpeng Zhao firmly believes that the market will recover from the crisis, and the industry will become healthier. (Source link)