Heard on the Block: “attestation”

🩺 When you get your annual checkup over Zoom… 

Lots of companies get financial physicals, in the form of audits, from third parties that check their books to see if reported #s match reality. Unlike audits, third-party “attestations” typically look at a biz’s finances at one moment in time (and aren’t considered as thorough). Tether, the largest stablecoin by market cap, has been criticized for promising audits but releasing attestations. The biz said an attestation showed that its second-quarter “own profit” increased to $850M — even as the larger stablecoin market shrank to a two-year low.