Tether Holdings Limited, the company behind the world’s largest stablecoin, Tether (USDT), has announced a partnership with BDO Italia. BDO Italia is the Italian branch of the world’s 5th largest accounting firm, Binder Dijker Otte. Tether will work with BDO Italia for their quarterly attestations.
Tether has often come under flack for not disclosing its reserves. The lack of transparency has often been a source of complaint among users and investors. The partnership with a global accounting firm might just give some relief to said investors. Stablecoin issuers produce attestations and assurance reports to assure investors that they are fully backed.
Paolo Ardoino, CTO of Tether, highlighted that Tether is becoming more useful than just a means of making fast changes to trading positions.
The decision of working with BDO Italia is a step toward providing transparency to USDT holders, the press release said. BDO is present in 167 countries. They have more than 97,000 employees working out of 1,713 offices.
“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.”
Can we put Tether’s transparency debate to rest?
Although the partnership is welcome, this is not the first time Tether has partnered with an accounting firm. The company has previously collaborated with Moore Cayman and MHA Cayman, two accounting companies situated in the Cayman Islands. While speaking to The Block, the company confirmed that it will no longer be working with the two aforementioned accounting firms.
Hence, there is no concrete word whether the new partnership will make things more transparent from here on. However, it may be too soon to tell. As per the official press release, the company seems pretty committed to having more openness to its users. The company has also said that it would soon release reports on a monthly basis.
Tether is the largest stablecoin issuer in the world. At press time, USDT’s market cap stood at $67,604,211,144, making it the third largest crypto project, after Bitcoin (BTC) and Ethereum (ETH).