To this end, the stablecoin issuer brought in specialists from BDO Italia as a replacement for MHA Cayman employees

Tether to begin issuing monthly reports on USDT reserves

19.08.2022 - 13:20

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2 min

What’s new? Tether Limited intends to change the way it issues reports on its USDT stablecoin reserves and publish them on a monthly rather than quarterly basis. In July, Tether began working with BDO Italia, part of the accounting firm association Binder Dijker Otte. The BDO specialists will replace the MHA Cayman employees who had been auditing previously. The press release notes that 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.”

Tether's press release

What else does the press release say? Tether CTO Paolo Ardoino said that USDT aims to serve the fast-growing cryptocurrency market as the strongest stable asset in the Web 3.0 economy. According to him, the utility of stablecoin has gone beyond a simple tool for quick entry and exit of trading positions. Therefore, it is critical for Tether to scale with peer-to-peer and payment markets. Tether's commitment to transparency is nothing new, and it aligns with its management's responsibility as a market leader to educate the world about stablecoin technology, Ardoino added.

Tether Limited is the largest issuer of stablecoins in the cryptocurrency market. The stablecoin USDT is the third-largest cryptocurrency by capitalization at $67,55 billion, according to CoinMarketCap as of August 19.

The global BDO organization covers 167 countries and has 1713 offices, with more than 97 000 employees. BDO ranks fifth in revenue among public accounting organizations. According to the latest earnings report dated September 30, 2021, fee income for all BDO firms worldwide, including members of their exclusive alliance, was $11,8 billion.

Earlier, Circle published a detailed report on the reserves backing USDC's stablecoin. As of June 30, the stablecoin had a capitalization of $55,57 billion and $55,7 billion in collateral. Of that amount, $13,58 billion in fiat is placed in eight regulated US banks. Another $42,12 billion is placed in short-term bonds of the US Treasury.

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