Stablecoin issuer Tether has hired accounting firm BDO Italia instead of Cayman Islands-based firm MHA Cayman to perform a monthly attestation of USDT reserves.
USDT reserve attestation reports used to be issued quarterly, but now Tether has decided to change the existing procedure and report monthly.
BDO Italia is an Italian financial advisory and accounting firm, ranked fifth in the world in terms of revenue of a public accounting firm.
Tether says the decision to partner with BDO is part of an effort to provide greater transparency in customer attestation reports.
Tether (USDT) is the world's largest stablecoin and the fourth largest cryptocurrency, with a market value of US$67 billion. The digital asset is pegged 1:1 to the US dollar, and Tether reserves must be 100% secured, although this is regularly questioned by the crypto community.
“We are committed to serving the fast-growing cryptocurrency market as the strongest stable asset in the Web 3 economy. Tether’s commitment to transparency is not something new. It aligns with its leadership’s responsibility as a market leader to educate the world about stablecoin technology,” says Paolo Adoirno, Chief Technical Officer of Tether.
Tether's latest quarterly report was released in May 2022 by an independent audit firm MHA Cayman. The report showed that USDT reserves were fully secured. The document also revealed that Tether had reduced its exposure to risky commercial papers by 17% since the last quarter.