Cryptocurrency

Tether to issue monthly attestation reports with new accounting firm BDO Italia

tether Said Currently working together August 18 BDOItalyTop 5 Accounting Firms in the World to Increase Transparency of USDT Stablecoin.

With this collaboration, Tether will release a Proof of Booking report every month. BDO Italy took over MHA Cayman As Tether’s accounting firm in July 2022.

Tether expects to increase transparency and accountability as part of its efforts to maintain the trust of customers who use the USDT stablecoin on a daily basis.

Tether also hinted that it will undergo a comprehensive audit with BDO Italia.

Chief Technology Officer Paolo Ardoino said Tether is committed to remaining a stable asset that powers the Web3 economy.

“Tether’s usefulness has grown beyond just a tool for quickly entering and exiting trading positions, so it is mission critical for us to expand with the peer-to-peer and payments markets.”

Tether’s Journey to Transparency

In 2021, Tether was fined $41 million from U.S. Commodity Futures Trading Commission, etc. $18.5 million to the office of New York State Attorney General accused of providing misleading details about the assets backing the USDT stablecoin.

As a prerequisite to continue operations, Tether has partnered with MHA Cayman to issue a quarterly report detailing the reserve’s assets.

Tether’s transparency report at the end of 2021 revealed that its reserves slightly exceeded its liabilities. Reserves were $78.67 billion and debt was $78.53 billion. For commercial paper, Tether held about $24 billion, which promised to dwindle over time due to the issuance of stablecoins.

Tether commercial paper promise

In May, rumors flooded the crypto industry that 85% of Tether’s commercial paper portfolio was made up of Chinese papers, trading at a 30% discount. However, Tether has revealed that USDT is backed by less than 25% of commercial paper and is working to reduce that to 0%.

To pursue this promise, Tether announced On July 1, $5 billion of commercial paper will expire by July 31, reducing commercial paper from $8.4 billion to a minimum of $3.5 billion.

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