Tether, the stablecoin issuer, has hired BDO Italia to handle its regular attestation reports, which it expects to publish monthly rather than quarterly.
On August 18, the world’s largest stablecoin issuer Tether announced that it has partnered with BDO Italia, the Italian branch of the world’s sixth largest auditing firm – BDO Audit Services Company Limited, to assist Tether to issue attestation financial statements for USDT stablecoin reserves.
The stablecoin issuer previously worked with the “world top 12” auditing firm based in the Cayman Islands, in the Caribbean (UK), MHA Cayman.
To assure the market that their currencies are backed by genuine assets, stablecoin issuers provide attestations and assurance reports. Tether began publishing the data in early 2021, after agreeing to give similar information to regulators as part of a February 2021 deal with the New York attorney general’s office, which claimed USDT was not properly supported.
“The decision to work with the BDO organization represents a promise to deliver considerable transparency for those holding Tether tokens, providing updates about issued tokens and reserves on a daily basis, supplemented by monthly assurance opinions,” the company said in a press release.
According to the announcement, the move is “the next step” toward issuing an audit, which executives had promised for months.
Chief Technical Officer Paolo Ardoino said in the statement:
“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.”
A Tether spokeswoman stated that an audit “is a priority for us,” but declined to comment on whether BDO Italia was also taking over this process or if MHA Cayman would continue to work on that specific report.
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