Tether has announced a partnership with BDO Italia, a member of the accounting firm Binder Dijker Otte, to conduct a monthly review and audit of financial statements.
With this agreement, Tether plans to move from preparing quarterly financial results to monthly reporting. BDO Italia will collect primary reporting, as well as prepare and audit Tether’s monthly financial statements.
“Tether strives to lead not only in innovative technologies, but also in transparency and accountability to its clients, who use stablecoins to earn tens of billions of dollars in daily trading,” the statement said.
The company said the move would also be the “next step” on the road to a full audit, which the firm has never had, despite being the industry’s first and largest centralized stablecoin issuer with a market capitalization of around $68 billion.
Unlike attestation, when accounting firms only confirm the accuracy of certain financial statements, audit firms also check for compliance with the completeness and structure of the balance sheet, including the current internal control procedures.
Earlier, Tether reported a significant reduction in the share of USDT reserves in shares of commercial companies. Now the total volume of USDT reserves in commercial securities is $4.7 billion. Compared to July 2021, the figure fell by 85% – then Tether held $30 billion in shares of companies.