Key Takeaways
- Tether introduced at the moment that it had employed the highest 5 international accounting agency, Binder Dijker Otte, for its attestation experiences.
- The stablecoin issuer additionally mentioned it plans to publish attestations month-to-month as a substitute of quarterly because it has achieved to date.
- The partnership with BDO is meant to signify the agency’s “subsequent step” towards an entire audit.
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Tether mentioned that it might additionally start releasing attestations on a month-to-month as a substitute of a quarterly foundation.
Tether Boasts New Accounting Agency Partnership
Tether’s attestations will now be performed by the fifth-largest international accounting agency, Binder Dijker Otte (BDO).
The stablecoin issuer announced the partnership in a press launch Thursday, saying that the corporate’s new partnership with BDO highlighted its long-standing dedication to transparency. “The choice to work with the BDO group represents its promise to ship appreciable transparency for these holding Tether tokens,” the agency mentioned within the assertion.
Based on the press launch, Tether started working with the Italian department of BDO in July this 12 months, after parting with the a lot smaller impartial accounting agency MHA Cayman. Commenting on the partnership in a press release, Tether CTO Paolo Ardoino mentioned:
“The utility of Tether has grown past being only a device for shortly shifting out and in of buying and selling positions, and due to this fact it’s mission-critical for us to scale alongside the peer-to-peer and funds markets. Tether’s dedication to transparency isn’t one thing new. It aligns with its management’s duty as a market chief to teach the world about stablecoin know-how.”
Based on Tether, the transfer would additionally signify the agency’s “subsequent step” towards an entire audit—one thing the agency has by no means undergone, regardless of being the trade’s first and largest centralized stablecoin issuer with a market capitalization of round $67.7 billion. The agency additionally mentioned it might begin publishing attestation experiences month-to-month as a substitute of as soon as each quarter because it has been doing earlier than.
Not like attestations, the place accounting companies solely attest to the accuracy of sure company-delivered statements, an audit verifies the accuracy, completeness, and composition of the agency’s steadiness sheet and assessments the interior controls for monetary reporting. Tether’s chief rival, USDC issuer Circle, has printed two full audits for 2020 and 2021.
Disclosure: On the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies.
