Malta-based stablecoin issuer Stasis have vowed to conduct quarterly and annual audits of their Euro reserves, offering an element of transparency into the increasingly uncertain stablecoin market.
Stasis have hired accounting firm BDO Malta to conduct the audit in a move that will ease the concerns of investors who may be worried due to rumours surrounding Tether’s potential insolvency.
Bitfinex’s native stablecoin, USD-Tether, has fallen under intense scrutiny in 2018, with many suggesting that they don’t have the capital in reserve to back the stablecoin.
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Tether responded by issuing a signed declaration from their Bahamas-based bank, Deltec Ltd, but that didn’t prevent the price of Tether fluctuating away from the one-dollar peg, falling to as low as $0.87.
Speaking in regards to the uncertainty surrounding Tether, Stasis CFO Vyacheslav Kim said the following in a statement: “The recent conversation around stablecoins has hinged on two things: compliance and transparency. By providing verification by a top accounting firm, in addition to EURS’ existing regulatory compliance under Maltese law, we’ve established EURS as a standout option for European investors.”
In addition to the official audits, BDO Malta will “provide weekly cash reserve verification” of fiat backing Stasis’ EURS. The first report was published on Thursday, although it explicitly says the document does not constitute an audit.