Tether reserve attestations to be conducted by major European accounting firm
BDO Italia, a member of the BDO Global accounting organization, will begin producing monthly attestations of Tether’s USDT backing. In a step toward greater transparency and better alignment with international accounting standards, stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves. Tether, which operates the USDT stablecoin, officially began working with BDO Italia in July, the company disclosed on Thursday. BDO Italia will be responsible for conducting an independent review of Tether’s stablecoin reserves....
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To attack Tether’s reserves [...] further highlights an agenda by the publication to single out Tether and hurt its reputation,” the USDT issuer said. Tether Holdings Limited has clapped back at The Wall Street Journal over an article it claims spread “false information” about the stablecoin issuer’s profitability, solvency and accounting standards. In a Monday article, the Journal claimed that Tether could be deemed “technically insolvent” if its assets fell just 0.3%. That conclusion was drawn from Tether’s reported assets and liabilities as of Thursday. One week prior, Tether published....
This week, the stablecoin issuer Tether Holdings Limited revealed an update to its assurance and attestation process and detailed that the company has been working with accounting firm BDO Italia. The accounting firm will conduct monthly tether assurance reports based on the stablecoin issuer’s reserves. The following day, Tether published its quarterly assurance opinion completed by BDO and it notes that the company has seen a 58% decrease in commercial paper reserves. Tether Hires BDO Italia, Company Publishes Quarterly Consolidated Reserves Report Tether Holdings Limited, the....
The USDT issuer had total assets of $68.06 billion at the end of the third quarter, exceeding its total liabilities of $67.8 billion. Stablecoin issuer Tether Holdings Limited published its latest quarterly attestation on Nov. 10, highlighting the “extremely liquid” nature of its assets at a time when crypto markets were reeling from news of FTX’s apparent insolvency. Eighty-two percent of Tether’s reserves were held in cash, cash equivalents and other short-term deposits as of Sept. 30, 2022, the company disclosed in its quarterly attestation report. Tether’s exposure to commercial paper....
The company behind the world’s largest stablecoin disclosed a report by aiming to show “transparency commitment” to clarify whether Tether’s reserves are fully backed or not. Tether Holdings Limited published its “Assurance Opinion” issued by an auditing firm based in the Cayman Islands. Accounting Firm Recognizes Two Ongoing Legal Cases According to the statement, Tether Holdings Limited stated that USDT tokens have “always been fully backed.” The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021....
Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by the USD. Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022.Tether CTO Paolo Ardoino made the announcement in an Oct. 3 tweet, adding also that Tether’s United States Treasury bills increased to 58.1% of its total portfolio, up 25.1% from its Jun. 30 figure of 43.5%.#tether portfolio update.....