USD Coin issues audit by Grant Thornton. Accounting firm only guarantees 1:1 pegging for just a single minute window.
Sergey Nazarov the CEO of SmartContract.com and Chainlink reveals that their smart contracts are in audit and Mainnet/Testnet is getting close and more partners are going to be announced soon. Week ago he told in WEB3 presentation that they are currently talking with “hundreds” of projects.
There is too much uncertainty regarding these both entities, especially since they have (or still has) assets with Noble bank which [raised concerns](https://www.bloomberg.com/news/articles/2018-10-02/puerto-rico-s-cryptocurrency-bank-noble-is-said-to-seek-sale) with Puerto rican bank auditors.
We also have [subpoena](https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc) with no final verdict.
We have indicators that Tether was used to [manipulate](https://medium.com/coinmonks/statistical-analysis-of-bitcoin-price-manipulation-by-tether-issuance-in-late-2017-b3342b8915a0) the price in 2017.
The crypto market could get a really bad hit if either Bitfinex or Tether is proven insolvent and/or have conducted illegal activities.
However, I think the crypto market could go higher if this gets a proper audit with everything in it’s place, because I think a lot of people (especially the SEC and institutions) see this as too much uncertainty.
**So it’s in the interest of the crypto community to get the audits done.**
This is the notice Tether put on the front of its website in order to try to get people to believe they’re solvent. Read the highlighted part… then realize that at the end of this same letter, they state that there still has been no proper audit proving that they are solvent. I dont buy it…