A major step forward for transparency. Stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves.
In a step toward greater transparency and better alignment with international accounting standards, stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves.
Tether, which operates the USDT stablecoin, officially began working with BDO Italia in July, the company disclosed on Thursday. BDO Italia will be responsible for conducting an independent review of Tether’s stablecoin reserves to ensure that each unit of USDT is backed by cash or cash equivalents. Through BDO’s reviews, Tether aims to release public attestation reports monthly instead of quarterly.
BDO Italia is the Italian arm of BDO Global, an international network of public accounting firms that maintains its headquarters in Zaventem, Belgium. BDO Global ranks among Europe’s five largest accounting firms by total revenue. The company maintains offices across North and South America, Europe, the Middle East and North Africa and the Asia-Pacific region.
Tether is looking to eventually get rid of commercial paper backing for its U.S. dollar-based stablecoin “without any incurrences of losses.”
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