Tether to issue monthly attestation reports with BDO Italia

To keep the trust of customers that use the USDT stablecoin on a daily basis, Tether plans to strengthen its openness and accountability.

Tether to issue monthly attestation reports with BDO Italia
Tether collaborated with MHA Cayman to issue a quarterly report that includes information about the assets in its reserve as a need for continuing operations.

In order to increase the transparency of the USDT stablecoin, Tether informed that it is now working with BDO Italia, as reported by Cryptoslate.

Tether will publish its proof-of-reserve report on a monthly basis as a result of the agreement. In July 2022, MHA Cayman was replaced as Tether’s accounting firm by BDO Italia. To keep the trust of customers that use the USDT stablecoin on a daily basis, Tether plans to strengthen its openness and accountability. Tether also made mentioned getting a thorough audit from BDO Italia. Paolo Ardoino, the chief technology officer, stated that Tether was dedicated to continuing to be a reliable asset sustaining the Web3.0 economy, Cryptoslate observed.

“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,” Ardoino noted.

Tether paid $18.5 million to the New York Attorney General’s office and $41 million to the US Commodity Futures Trading Commission in fines in 2021 for allegedly giving false information about the assets supporting its USDT stablecoin. Tether collaborated with MHA Cayman to issue a quarterly report that includes information about the assets in its reserve as a need for continuing operations.

At the end of 2021, Tether’s transparency report showed that its reserve holdings significantly outweighed its liabilities. It has liabilities of $78.53 billion and reserves of $78.67 billion. Tether owned over $24 billion in commercial paper, which the stablecoin issue planned to gradually diminish. The crypto community was inundated with rumours in May that Tether’s portfolio of commercial papers consisted primarily of Chinese papers and was trading at a 30% discount, Cryptoslate noted.

However, Tether made it clear that USDT is only supported by less than 25% of commercial papers, and it is striving to get that number down to 0%.

To keep this pledge, Tether declared on July 1 that $5 billion of its commercial paper would mature by July 31, bringing its total amount of commercial paper down from $8.4 billion to a low of $3.5 billion.

(With insights from Cryptoslate)

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