Bitcoin Global News (BGN)
December 12, 2018 -- ADVFN Crypto NewsWire -- It may be
December, but the Year of the Stablecoin is just beginning. As we
have reiterated time and time again, Tether provided all its’
competitors with a major opportunity when it refused to continue
its’ one and only full audit. Now, it seems that any Stablecoin
which is willing to finish this process and even consider repeating
it regularly might be able to differentiate itself from the growing
pack.
Earlier today, it was announced
that one Maltese Stablecoin project is aiming to do just that.
According to a report from Coindesk, Statis, the firm in question,
has already hired BDO Malta to run regular audits of its’ reserves
after only just launching this summer. This, of course, brings the
logical question: why haven’t existing Stablecoin projects done the
same?
While answering this is not at all
easy, one thing seems clear. Across the Crypto space, it is a
commonly held belief that running a full audit on a Stablecoin is
not possible or too difficult to do. For a prime example of this,
look at Cameron Winklevoss’s response back in October to one
Twitter user’s allegation that the Gemini Dollar was not really
audited, despite the company’s regulated status.
When the user cited the company’s
September report from its’ independent accountant on the subject
and said that it essentially proves nothing, Winklevoss responded
by saying that this was just another example of Crypto twitter
professing to understand things it really does not. He clarified
this by stating that doing so would be essentially
impossible.
In the end, regardless of his
opinion, the allegation appears to be true. Neither Gemini nor any
other Stablecoin project has truly produced a full audit. Instead,
most of them have produced attestations which they have phrased as
if they are akin to audits.
In reality, however, an attestation
seems to be nothing more than an audit without any consideration
for whether a company’s dealings conform to global accounting
standards.
As this saga unfolds, if Stasis can
be the first to prove that it has the cash reserves it says it
does, it is reasonable to assume they will come out on top in the
Stablecoin niche. On the other hand, it is just as likely that
another project will beat them to it.
By: BGN Editorial Staff