On page 4/5 this presentation says: >this might not be true of a sufficiently credible Tether-like stablecoin whose value is pegged to a fiat currency, but there the crypto is piggybacking on the effectiveness of the fiat.

I was intrigued by this Tether thing and ended up on the site: https://tether.to/

It says:

> Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

> Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves.

A nitpick I have on the site design is that nowadays sites don't put sitemap in the footer. So I have to difficult time finding the balance page: https://wallet.tether.to/transparency

Can someone help me make sense of this? I thought the numbers are there for the claimed 1-to-1 USD reserve but that doesn't seem to be the case. The value there is from the assets issued on blockchain and not the USD balance on company's book.

Secondly, I might be wrong but can't seem to find who is conducting the audit. Is it one of the big 4 or some home office? If it is a small time office I will be even more skeptical of this whole thing.