Tether Holdings Limited (Tether) the technology company supporting the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has announced a significant update to its assurance and attestation processes to boost transparency.
Tether officially began working with BDO Italia, the Italian member firm of BDO global organization, the top five ranked global independent public accounting firm, in July 2022 for its quarterly attestations.
With this alignment, Tether will also focus on moving towards releasing its attestations from a quarterly basis to monthly reports. Tether is committed to not only lead in innovative technology, but also in transparency and accountability to its customers who use stablecoins to make tens of billions of dollars in trades every day.
The decision to work with the BDO organization represents its promise to deliver considerable transparency for those holding Tether tokens, providing updates about issued tokens and reserves on a daily basis, supplemented by monthly assurance opinions. This new relationship aligns with Tether’s dedication to transparency and is the next step in the company’s path toward a complete audit.
“We are committed to serving the fast-growing cryptocurrency market as the strongest stable asset in the Web3 economy,” said Paolo Ardoino, CTO of Tether. “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’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.”
BDO’s global organization, extends across 167 countries and territories, with more than 97,000 people working out of 1,713 offices. It is the fifth largest public accounting organization firm in terms of revenue, just slightly behind the Big Four. According to its recent revenue report dated 30 September 2021. The fee income of all BDO firms worldwide, including the members of their exclusive alliance, was US$11.8 billion.
