Tether has announced a partnership with accounting firm BDO Italia, part of the accounting firm association Binder Dijker Otte, to conduct monthly attestations and audits of financial statements.
Through the agreement, Tether plans to move from quarterly financial results reporting to monthly reporting. BDO Italia will collect the primary reports and prepare and audit Tether’s monthly financial reports.
“Tether is committed to leading the way not only in innovative technology, but also in transparency and accountability to its customers, who use stackablecoins to make tens of billions of dollars in trading every day,” it said in a statement.
The company said the move would also be the “next step” towards a full audit, which the firm has never undergone despite being the industry’s first and largest centralised issuer of stabelcoins with a market capitalisation of around $68bn.
Unlike attestation, where accounting firms only confirm the accuracy of certain financial statements, audit firms also review the completeness and structure of the balance sheet, including the internal control procedures in place.
Tether previously reported a significant reduction in the share of USDT reserves in commercial equities. Total USDT reserves in commercial paper now stand at $4.7 billion, down 85% from July 2021, when Tether held $30 billion in company stocks.
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