The largest stablecoin in the industry, Tether, has hired the services of an accounting firm BDO Italia to audit its asset reserves. They are to publish a monthly report instead of the previous quarterly arrangements.
They set up these measures to have increased transparency in their organization. BDO Italia is an expert in audits, risks, advisory services, corporate finance, compliance, and tax preparation.
Its headquarter is in Milan Lombardia, and it launched operations in 1965. Before BDO Italia, Tether had already hired the services of several organizations for audits.
However, the most recent ones were from two accounting firms in the Cayman Islands. The first firm is MHA Cayman, consisting of independent auditors, financial advisors, and accountants.
The second is Moore Cayman, a global network of auditors and accountants across 260 independent firms and 113 countries. As of March 31, published reports by accounting firms stated that Tether’s reserves amounted to 82.4 billion dollars.
39 billion of the total reserve is in the US treasury, while 20 billion lies in commercial paper. Tether hired the services of the Italian firm in July, and they are optimistic that this will result in more healthy audits than before.
The CTO of Tether Paolo Ardoino shed more light on another reason why they hired this accounting firm. He said the Tether community had been urging them to step up the company’s auditing by using another firm, and that’s exactly what they did.
The stablecoin on Tether can maintain value due to dollar-denominated reserves, which prevent USDT in circulation from exceeding or matching the value of the reserve. It was able to stand its ground during the unfortunate event in May when Terra USD stablecoin collapsed.