Barron'​s is the latest news source to write about the suspicious disclosure practices of the largest stablecoin in, "Tether Is Working to Be More Transparent. But the Crypto Issuer Is Still Falling Short." They write, "Tether, the largest issuer of cryptocurrency stablecoins, has hired a major accounting firm to review its quarterly reserve reports in a push for transparency. The move comes as Tether faces competitive threats from rival Circle. Tether is working with the Italian arm of BDO, the fifth largest public accounting firm by revenue, the issuer said. BDO Italia released an assurance report on Tether'​s reserves on Friday and the issuer said it was moving toward monthly assurance reports. Two accounting firms in the Cayman Islands had conducted Tether'​s assurance reports." The piece explains, "More than 90% of all crypto-​trading volume is in stablecoins, according to CoinMarketCap, and Tether is the third-​largest digital token after Bitcoin and Ether. USD Coin <​b:>~​_, or USDC, which is issued by Circle, is ranked fourth. Stablecoins, such as USDT and USDC, are backed by assets, with their issuers claiming each token is backed 1:​1 with the dollar. `​The quality and transparency of the issuers' reserves have come under intense scrutiny as crypto regulation develops." Barron'​s adds, "Trust has become more important in the past few months as competition heats up in the stablecoin space, especially between USDT and USDC after Tether briefly lost its peg in the secondary market during trading turmoil in May. The token'​s market capitalization, which matches the number of USDT tokens in circulation, dropped by $​17 billion from early May to early July -- to $​66 billion from $​83 billion. USDC'​s market cap jumped by more than $​10 billion over the same period, to $​56 billion from $​46 billion."

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