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Tether Announces New Deal For Auditing: Good Or Bad For Crypto?

Anvesh Reddy - Coingape
2022-08-18 13:53
After much discussion about its plans to disclosing information about Tether’s reserves, the team has on Thursday revealed new plans. In a shift in assurance and attestation process, the company announced it is working with a top public accounting firm. The company will now bring out monthly reports on financial reserves behind the stablecoin. Stressing on providing transparency and accountability, the company is moving on from the quarterly reporting process.
Describing the new partnership as a significant update to its auditing process, Tether said the move aligns with future plans. Going forward, the company behind the top stablecoin will shift to a complete audit process.

Tether Working With BDO Italia For Auditing

In an announcement, the company said it officially began working with BDO Italia. The firm is ranked top five in global independent public accounting for its quarterly attestations. The new accounting process involves providing updates about issued tokens and reserves on a daily basis. This would be supplemented by monthly assurance opinions, it said.
“Tether is committed to not only lead in innovative technology, but also in transparency and accountability to its customers who use stablecoins to make tens of billions of dollars in trades every day. This new relationship aligns with Tether’s dedication to transparency and is the next step in the company’s path toward a complete audit.”
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