Tether has teamed up with auditing giant BDO Italia to publish a monthly reserve report and aim for transparency.
Tether to aim transparency
The source of funds to maintain the value of the USDT stablecoin as well as the opacity that surrounds Tether’s funds has fueled many rumors that the company is struggling to formally dismantle. Tether has been caught in a series of troubles over the past few years.
The New York State Attorney General ordered it to release quarterly reports on its reserves in February 2021 as part of an $18.5 million settlement. A situation that the company seems to want to remedy.
The notorious stablecoin said that it began working with BDO Italia in July for its quarterly reports. Going forward, it will issue monthly reports instead.
The Tether operator said:
The company’s new relationship with BDO Italia “aligns with Tether’s commitment to transparency and is the next step in the company’s journey towards a full audit.
BDO Italia moves up to the fifth largest accounting and auditing firm behind Deloitte, PwC and KPMG.
Tether takes a significant step towards transparency and announces that these attestations will now be monthly.
In its latest attestation, Tether reported that the cash bills in its reserves decreased 17% to $20.1 billion in the first quarter of 2022, down from the previous quarter.