Tech

Tether appoints BDO Italia to receive the Asset Reserve Voucher, to publish monthly reports


Tether, the world’s largest stablecoin, said on Thursday that it has appointed accounting firm BDO Italia to confirm its asset reserves and aims to publish monthly rather than quarterly reports by the end of the year. five. A stablecoin is a cryptocurrency designed to hold a constant value, such as a 1:1 rate of the US dollar. They are widely used to transfer money between different cryptocurrencies or convert to regular cash.

Tether indicates that its coin maintains its value by holding a dollar reserve to match or exceed the value of Tether in circulation. These reserves have long been the subject of closer scrutiny following the crypto market sell-off in May following the collapse of stablecoin TerraUSD.

Tether, run by a British Virgin Islands company, has in recent years published reports in which accounting firms attest to the size of their reserves. Total reserves were $82.4 billion (approximately 6.57,100 crore) as of March 31, of which $39 billion (approximately 3.11,100 crore) was in the US Treasury and $20 billion (approx. 1,59,500 crore) in the paper trade.

The two most recent reports come from a Cayman Islands company, MHA Cayman. Previously, Tether used another Cayman Islands company, Moore Cayman, their website Shows.

BDO Italia is an audit and assurance firm based in Italy, an independent member company of BDO International Limited. The Tether leadership includes at least two executives from Italy. Chief Technology Officer Paolo Ardoino, Chief Technology Officer Paolo Ardoino, told Reuters.

Tether said in a statement that it began its partnership with BDO Italia in July, adding that the relationship is “the next step in the company’s path towards a complete audit”.

“Over time, our community asked to improve the audit firm we were using because they felt like they wanted something bigger,” says Ardoino.

Tether will cut its holdings of commercial paper to $200 million (about Rs 1,600) by the end of August, Ardoino added, down from $8.4 billion (about Rs 67,000) on July 1. He did not say It’s clear what these assets are. instead, funds were moved in.

© Thomson Reuters 2022




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