Tether Announces Hiring of Fifth Largest Accounting Firm For Audits

Tether to Transfer $1B USDT From Solana to Ethereum Network
  • Attestation release schedule will be changed from monthly to quarterly.
  • Tether claims this would be the “next step” toward a full audit of the company.

Binder Dijker Otte (BDO), the fifth-largest accounting firm in the world, will now be responsible for attesting Tether’s financial statements. Tether also announced that it will change its attestation release schedule to monthly from quarterly.

Commitment to Transparency

The stablecoin issuer made the announcement in a press statement on Thursday, citing the cooperation as evidence of the company’s ongoing dedication to openness. Following its separation from the considerably smaller independent accounting firm MHA Cayman in July, the news announcement states that Tether has been working with the Italian office of BDO since that time. 

Tether CTO Paolo Ardoino said:

“The utility of Tether has grown beyond being just a tool for quickly moving in and out of trading positions, and therefore it is mission-critical for us to scale alongside the peer-to-peer and payments markets. Tether’s commitment to transparency is not something new. It aligns with its leadership’s responsibility as a market leader to educate the world about stablecoin technology.”

Tether claims this would be the “next step” toward a full audit of the company, something it has never done despite being the first and biggest centralized stablecoin issuer with a market valuation of over $67.7 billion. 

When conducting an audit, auditors will double-check the correctness, completeness, and composition of the company’s balance sheet in addition to evaluating the effectiveness of the company’s internal controls for financial reporting. Circle, a competitor of Tether that issues USDC, has issued full audits for 2020 and 2021. With rising uncertainties of stablecoins, Tether wants to make sure the community is confident about its monetary status.

Recommended For You:

Ukraine Spends Crypto Donations on Various War Equipments

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.