Tether to release monthly USDT reserves report with new auditor BDO Italia

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Tether Holdings Limited, the issuer of USDT, the world’s largest stablecoin by market capitalization, has roped in accounting firm BDO Italia for its regular reports of USDT reserves.

See related article: Tether says USDT reserves have no Chinese commercial paper

Fast facts

  • Tether said in a statement shared with Forkast that it began working with BDO Italia in July for its quarterly reports. Moving forward, it will release monthly reports instead.

  • The company’s new relationship with BDO Italia “aligns with Tether’s dedication to transparency and is the next step in the company’s path toward a complete audit,” the stablecoin operator said.

  • Tether has been caught in a slew of troubles for the past few years. It was ordered to issue quarterly reserve reports by the New York State Attorney General in February 2021 as part of a US$18.5 million settlement.

  • Tether has also been reducing its commercial paper holdings to lower the risk profile of its token’s backing, and plans to cut the holding of the assets to zero by early November.

  • When concerns emerged last year over the future of Chinese property giant Evergrande after it was hit with a debt crisis, Tether said it did not hold any commercial paper issued by the developer. It reiterated last month that it did not hold Chinese commercial paper in its reserves.

  • Tether said in its latest attestation that commercial paper in its reserves decreased by 17% to $20.1 billion in the first quarter of 2022, down from the previous quarter.

See related article: USDC, Tether announce support for Ethereum proof-of-stake