Tether Holdings Limited, made a significant change to its assurance and attestation procedures on August 18 as it hired Binder Dijker Otte (BDO), a top five global accounting firm, for its attestation process. The collaboration with BDO is meant to be the firm’s next step toward a full audit. As a result, it also intends to publish attestations regularly rather than quarterly, as it has done in the past. Tether is the technology firm behind the blockchain-enabled platform that backs the world’s largest stablecoin by market valuation (USD₮)
Tether collaboration with BDO Italia
Tether began collaborating with BDO Italia, the Italian member firm of the BDO worldwide organization, for quarterly attestations in July 2022 after leaving the considerably smaller independent accounting company MHA Cayman. As per the information in the press release, the relationship with BDO demonstrates the company’s long-standing dedication to openness and the decision to collaborate with the BDO organization symbolizes its pledge to provide significant transparency for individuals holding Tether tokens.
An audit validates the correctness, completeness, and composition of the firm’s balance sheet and examines the internal controls for financial information, as opposed to attestations, which merely testify to the truthfulness of particular company-delivered claims. Tether’s biggest rival, USDC supplier Circle, has provided two full audits for 2020 as well as 2021.
Tether is dedicated to not just being a leader in innovative technology, but also in openness and responsibility to its consumers, who use stablecoins to conduct tens of billions of dollars in transactions every day.
About BDO Italia
BDO has a worldwide network in 167 nations and territories and has a workforce of over 97,000 across 1,713 locations worldwide. BDO Italia is the fifth largest public accounting company worldwide in terms of revenue.