Tether's recent, unprecedented move of having its first audit report issued by one of the Big Four accounting firms is likely due to a failed fundraising attempt and a desperate attempt to bolster investor confidence. Back in September of last year, at the peak of the bull market, Tether ambitiously announced a fundraising target of $500 billion. Now, in a bear market, coupled with strong competition from Circle, this fundraising is proving difficult. There are only 14 days left until the April 17th deadline for investors to subscribe. Currently, USDT's issuance is only 2.5 times that of USDC, yet USDC's trading volume has exceeded USDT's for four consecutive months. However, Tether's valuation is 23 times that of Circle. Leaving aside whether Circle is undervalued, Tether is definitely overvalued... As a crypto user, I have mixed feelings about Tether – love and hate. Many people have even started to dislike Tether. As a "crypto pump," it earns billions of dollars annually, which it then uses to buy sports teams, video streaming services, and smart mattress companies. While these can be understood as the founders indulging in their hobbies, All In physical gold over the past year has definitely hurt the feelings of many digital gold holders. 😂