- The certification schedule will be changed from monthly to quarterly.
- Tether claims that this will be the “next step” towards a full audit of the company.
Bender Decker Ooty (BDO), the world’s fifth largest accountancy firm, will now be responsible for certifying Tether’s financial statements. Tether also announced that it will change the certification schedule to monthly from quarterly.
Commitment to transparency
The stablecoin issuer announced in a press release Thursday, citing the collaboration as evidence of the company’s continued dedication to openness. Following its split from smaller independent accounting firm MHA Cayman in July, the news announcement states that Tether has been working with BDO’s Italian office since then.
Tether CTO Paolo Arduino He said:
“Tether’s usefulness has grown beyond just a tool for quickly moving in and out of trading positions, and therefore it is critical for us to expand alongside peer-to-peer payment markets. Tether’s commitment to transparency is nothing new. It aligns with a responsibility Its leadership as a market leader in educating the world about stablecoin technology.”
Tether claims that this will be the “next step” towards a full audit of the company, something it has never done despite being the first and largest central 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 as well as evaluate the effectiveness of the company’s internal controls for financial reporting. CircleOne of Tether’s competitors that issues USDC, has released full audits for 2020 and 2021. With the increasing uncertainty about the stablecoin, Tether wants to make sure the community is confident about its monetary position.
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