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Tether aligns with top 5 accounting firm for monthly attestations

on Aug 18, 2022
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  • Tether has dropped MHA Cayman for BDO Italia, an accounting firm under BDO global network.
  • BDO Italia will provide daily updates and monthly attestation reports, Tether said.
  • USDT is the largest stablecoin in the market, currently at more than $67 billion in market cap.

Tether Holdings Limited, the issuer of stablecoin Tether (USDT), has announced that attestation reports for its reserves will now be handled by BDO Italia, an accounting firm from the BDO global network.

The announcement made Thursday, stated that Tether will now work with the public accountant firm to publish its attestations reports, now from the quarterly basis to monthly basis. The two firms began working together on the quarterly attestation in July.

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Transparency and complete audit

Tether has over the years looked to offer a lot more clarity and transparency around the USDT reserves, releasing regular assurance reports amid broader scrutiny from regulators and criticism (and FUD) from within crypto.

USDT is currently a $67 billion stablecoin powerhouse used right across the crypto sector, and Tether’s belief is that having BDO handle daily updates on token issuance and USD reserves will greatly help the industry.

Paolo Ardoino, the Chief Technical Officer at Tether, reiterating that USDT has a big role in crypto and the Web3 economy, said:

“The utility of Tether has grown beyond being just a tool for quickly moving in and out of trading positions, and therefore it is mission-critical for us to scale alongside the peer-to-peer and payments markets. Tether’s commitment to transparency is not something new. It aligns with its leadership’s responsibility as a market leader to educate the world about stablecoin technology.”

Tether believes bringing BDO Italia, whose umbrella company BDO global has a presence in 167 countries and employs nearly 100,000 people, “is the next step” in the march towards offering a full audit.

The BDO Italia-Tether alignment means the USDT issuer has dropped Cayman Islands-based firm MHA Cayman.