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Stablecoin Tether hires BDO Italia for monthly proof-of-reserve reports

Alice Wang

Aug 19, 2022 14:59

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he biggest stablecoin in the world, Tether, said on Thursday that it has hired the accounting company BDO Italia to attest for its asset reserves. By the end of the year, it plans to publish its reports monthly rather than quarterly.


A stablecoin is a form of cryptocurrency with a fixed value, such as a 1:1 peg to the dollar. They are often used to transfer money into conventional currency or between other cryptocurrencies.


According to Tether, the currency maintains its value by maintaining dollar-denominated reserves that are equal to or greater than the value of Tether coins currently in circulation. These reserves have long been the focus of investigation, which intensified in May when the collapse of the stablecoin TerraUSD caused a sell-off in the cryptocurrency markets.


The British Virgin Islands-based corporation Tether has recently issued papers in which accounting firms vouch for the extent of its cash holdings. As of March 31, the reserves were at $82.4 billion, of which $39 billion was held in US Treasury bonds and $20 billion in commercial paper.


The latter two studies were produced by MHA Cayman, a company from the Cayman Islands.


According to its website, Tether has previously worked with Moore Cayman, a different Cayman Islands company.


BDO Italia is an independent member firm of BDO International Limited and an Italian-based audit and assurance business. At least two of Tether's executives are from Italy. According to Chief Technology Officer Paolo Ardoino, the majority of the team's personnel are headquartered in Europe and the Bahamas, where the majority of the reserves are held.


The partnership between Tether and BDO Italia, the business stated in a statement, is "the next stage in the firm's route towards a thorough audit."


According to Ardoino, "Our community has requested over time to enhance the auditing company that we are utilizing because they thought they needed something greater."


According to Ardoino, Tether would reduce its holdings of commercial paper from $8.4 billion on July 1 to $200 million by the end of August. He omitted to say which assets these monies had been invested in.

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