Tether reserve attestations to be conducted by major European accounting firm.
BDO Italia, a member of the BDO Global accounting organization, will begin producing monthly attestations of Tether’s USDT backing.
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. The attestations will include updates about the number of USDT tokens issued as well as the company's reserves.
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.
Paolo Ardoino, Tether’s chief technology officer, said his company’s pledge to offer more transparency reflects its growing mandate beyond just offering liquidity to crypto traders:
“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.”
Tether began publishing quarterly attestations of its stablecoin reserves in May 2021 as part of a settlement with the New York Attorney General’s Office in February of the same year. Tether had previously passed several assurance tests conducted by local accounting agency Moore Cayman that verifits reserves exceeded liabilities. Tether reserve attestations to be conducted by major European accounting firm.
BDO Italia, a member of the BDO Global accounting organization, will begin producing monthly attestations of Tether’s USDT backing.
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. The attestations will include updates about the number of USDT tokens issued as well as the company's reserves.
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.
Paolo Ardoino, Tether’s chief technology officer, said his company’s pledge to offer more transparency reflects its growing mandate beyond just offering liquidity to crypto traders:
“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.”
Tether began publishing quarterly attestations of its stablecoin reserves in May 2021 as part of a settlement with the New York Attorney General’s Office in February of the same year. Tether had previously passed several assurance tests conducted by local accounting agency Moore Cayman that verifits reserves exceeded liabilities. | 
