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Tether's total assets as of the end of the last quarter stood around $66.4 billion, the USDT issuer said in its latest quarterly assurance report. The stablecoin issuer, whose USDT token is the largest and most widely used in the world, said accounting firm BDO Italia had completed this assurance opinion.
An independent review from the accounting firm BDO reported that the stablecoin issuer's total assets exceed its consolidated liabilities.
The stablecoin Tether (USDT) announced a decrease in its reserves during the second quarter of the year.
Tether Holdings Limited, maker of the US$66bn USDT stablecoin, has released the first independent attestation report into its accounts as conducted by major global accounting firm BDO. While Tether conducted its first internal attestation report in May 2021 after being instructed to by the New York Attorney General (NYAG), the latest report marks the first time an independent institution has assessed Tether's reserves.
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New partnership between Tether and BDO Italia was announced recently in a new update to accounting, meaning that Tether will move to improve its certification and attestation procedures. The corporation will maintain the world's largest stablecoin, USD, in collaboration with the worldwide organization BDO.
Tether has just released its latest attestation report breaking down the reserves backing the USDT stablecoin.
After announcing it joined hands with public accounting firm BDO Italia, Tether had on Friday released details on its reserves. The company that backs the stablecoin said it had reserves amounting to $66.4 billion.
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The report shows a more than 58% decrease in commercial paper holdings over the prior quarter from $20 billion to $8.5 billion. The post Latest Tether disclosures show $28.9 billion in US Treasury bills appeared first on The Block.
The company earlier this week announced BDO Italia as taking over its regular attestation reports.
Stablecoin Tether's reserves were worth $66 billion at the end of June 2022, down from $82.4 billion at the end of March, the company said in a statement on Friday.
Tether Holdings Limited, world's largest stable coin issuer, has appointed BDO Italia, the Italian branch of the world's 5th largest accounting firm, Binder Dijker
In a recent announcement, Tether is set to partner with BDO Italia in a bid to upgrade its assurance and attestation processes.
In recent days, a forged document was circulated online according to which the SEC accused Tether of selling securities, resulting in a sanction. SEC's accusation against Tether is fake news However, it was instead a fabricated fake, as revealed on Twitter by the anonymous db profile.
Stablecoin issuer Tether has hired BDO Italia to process regular attestation reports, which it hopes to publish monthly rather than quarterly. On August 18, the world's largest stablecoin issuer announced that it has partnered with Tether.
Tether Holdings Ltd, the firm known for the issuance of the world's largest stablecoin, USDT has tapped the Italian branch of Binder Dijker Otte (BDO), the fifth biggest public accounting firm to help in the handling of its assurance and attestation processes
The new accounting firm will help Tether conduct monthly attestations for USDT reserves.
Tether has switched attestation providers from MHA Cayman to the Italian branch of BDO LLP. The post Tether Fires MHA Cayman as Attestation Provider appeared first on BeInCrypto.
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, David Maria of Bittrex discusses the prevalence of illicit crypto trading a new study that found evidence of insider trading among cryptocurrencies listed on Coinbase.
Tether Holdings Limited, the issuer of stablecoin Tether (USDT), has announced that attestation reports for its reserves will now be handled by BDO Italia, an accounting firm from the BDO global network.
Tether said August 18 that it is now working with BDO Italia, a top five global accounting firm, in an effort to increase the transparency of the USDT stablecoin. The post Tether to issue monthly attestation report with new accounting firm BDO Italia appeared first on CryptoSlate.
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Tether has signed up accounting firm BDO Italia to produce monthly attestation reports for its stablecoin UST's reserves.
