By improving its transparency and conformity to globally accepted accounting standards, BDO” Tether Holdings Limited is taking a significant step forward. Accordingly, it was decided to use BDO Italia’s services for regularly auditing the dollar balances on hand. The leading stablecoin, USDT, is managed by the same firm that in July began an official partnership with BDO Italia.
Tether Engages BDO Italy for Reserve Attestation Services
To ensure that all USDT units are backed by real money or real money’s worth in equivalents, the partnership is based on Tether’s stablecoin reserves. Tether’s goal, with BDO’s assistance, is to switch from quarterly to monthly reporting of attestation results. The attestations will include the most recent information about the platform’s reserves and the total number of USDT tokens in circulation.
Founded in Belgium and headquartered in Zaventem, BDO Global is a global network of independent public accounting firms that includes BDO Italia. BDO Global is among Europe’s top five largest accounting firms based on revenue. The platform has locations across the Asia–Pacific, the Middle East, Europe, South America, and North America.
Tether Discards its Previously Supported Commercial Paper.
For the stablecoin provider, the goal is to safely abandon the commercial paper backing without incurring any losses. The organization had previously forecasted that by the end of the most recent June, the volume of commercial paper supporting the venue would decline, bringing the total to $8.4B from $11B.
For Tether Holdings Limited’s Chief Technology Officer, Paolo Ardoino, the company’s drive to increase transparency shows that it has a broader mission than simply providing crypto traders with access to liquid markets.
The settlement includes Tether’s commitment to provide quarterly attestations of its stablecoin-based reserves for the preceding year’s work. The stablecoin juggernaut and the New York Attorney General’s office reached a deal in February 2022. Moore Cayman, a local accounting firm, had previously believed that Tether’s reserves had exceeded its liabilities, despite the fact that Tether had successfully passed through multiple assurance trials on its own.