The world’s largest stablecoin (USDT) issuer, Tether Holdings, updates its assurance and attestation processes as part of its partnership with BDO Italia, the Italian member firm of the BDO global organization. Additionally, Tether will switch from quarterly to monthly attestations.
BDO Global Organization is a top-five global independent public accounting firm, “ just slightly behind the Big Four”.
Tether’s quarterly attestations were taken over by BDO Italia in July. It promises to provide significant transparency to Tether token holders by providing daily updates on issued tokens and reserves, supplemented by monthly assurance opinions.
A reserve attestation is an official confirmation by a reputable auditing and accounting firm that the reserves claimed to be held in a company’s treasury exist.
Tether has long been scrutinized for the assets that underpin its coins. The move is “the next step” toward Tether executives’ long-promised audit.
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“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,” Chief Technical Officer Paolo Ardoino said.
In May, MHA Cayman issued an assurance report stating that Tether’s reserves are fully backed, with total assets worth at least $82,424,821,101.
