Tether just went through its first-ever full financial audit, according to ForkLog. The USDT issuer opened up all of its financial data to independent auditors for a comprehensive review.

Why Tether Needed an Audit

Tether's been under fire for years from both crypto insiders and regulators over its lack of transparency. Up until now, the company only released attestations—brief snapshots of its reserves, which fall short of a true audit. This time, Tether gave auditors full access to all its financial records.

What We Know About the Audit Results

ForkLog reports this is the first audit in Tether's history. The process is expected to boost trust in USDT among both retail users and institutional whales. So far, Tether hasn't disclosed details about the audit's findings or issued any official statements.

Impact on the Stablecoin Market

Pulling off a full audit could be a big deal for the entire stablecoin space. Market players are hoping this move will bring more transparency and help USDT shore up its lead over rival stablecoins.