Tether Taps BDO Italia To Conduct Attestations Of Its Dollar Reserves
Tether Holdings Limited is stepping toward additional transparency as well as better compliance with the accounting standards implemented across the world. In this way, it has been determined to take services from BDO Italia related to systematic attestations and reviews of the dollar reserves. The top stablecoin USDT is operated by the company that formally started working alongside BDO Italia in the recent July.
Tether Seeks the Services from BDO Italia Regarding Reserve Attestations
The collaboration revolves around the stablecoin reserves of Tether to guarantee that each among the USDT units is supported on the behalf of cash equivalents or the cash itself. With the help of the reviews conducted by BDO, the objective of Tether is to issue the attestation reports after every 30 days while shifting from the former quarter-based reports. The updates dealing with the reserves of the platform as well as the issued USDT tokens’ number will be mentioned in the attestations.
BDO Italia operates as an arm of BDO Global – a worldwide network of public accounting entities whose headquarters are based in Belgium and Zaventem. The place of BDO Global is among the 5 major accounting entities within Europe concerning their revenue. The offices of the platform are established in the Asia-Pacific region, North Africa, Middle East, Europe, and South and North America.
Tether Gets Rid of the Former Commercial Paper Backing
The attention of the stablecoin operator is to leave behind the commercial paper backing without being subject to any losses. The venue anticipated formerly that a decrease would be witnessed in the volume of its commercial paper backing placing it at $8.4B (from $11B) by the end of the recent June.
The CTO of Tether Holdings Limited, Paolo Ardoino, was of the view that the determination of the firm to deliver more transparency signifies that its mandate is going beyond just offering crypto traders liquidity.
The provision of quarterly attestations of Tether’s stablecoin-based reserves works initiated by it during the previous year is included in a settlement. The respective settlement was done in February 2022 between the stablecoin giant as well as the Office of the New York Attorney General. Previously, Tether had successfully gone through many assurance trials organized on the behalf of the native accounting agency called Moore Cayman suspected that the organization’s reserves had surpassed the liabilities.
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