A Tether Limited spokesperson made a statement today indicating that the organization has “dissolved” their relationship with auditor Friedman LLP, the same company which was tasked with auditing Tether’s books in order to provide public transparency to validate the mechanisms of the Tether coin.
Based on the Mastercoin Protocol, Tether is a cryptocurrency with a relatively controversial history. The goal of the Tether platform is to act as a mechanism to help negate the inherent volatility of the crypto market with claims that the each unit of Tether is the equivalent to 1 USD. These claims made by the creators, however, aren’t quite verifiable.
In effort to provide transparency, they employed the services of Friedman LLP in September of 2017 to audit their books and provide closure on the subject by verifying that Tether actually has the funds to back the 1:1 Tether/USD pairing.
The full memorandum provided by Friedman LLP which contains the results of said audit can be viewed here.