The new accounting firm will help Tether conduct monthly attestations for USDT reserves.
Leading stablecoin issuer Tether has hired accounting firm BDO Italia to replace Cayman Islands firm MHA Cayman in overseeing its attestation reports for USDT reserves.it plans to release its attestation reports every month, replacing the previous quarterly reporting arrangement.Founded in 1965, BDO Italia is an Italian financing advisory and accounting auditing firm, the world’s fifth largest public accounting organization in terms of revenue.
“This new relationship aligns with Tether’s dedication to transparency and is the next step in the company’s path toward a complete audit,” Tether said. Stablecoins are digital currencies whose values are pegged to the value of relatively stable assets such as fiat and gold. Unlike other cryptocurrencies like Bitcoin and Ethereum , they protect investors and traders against market volatility.Tether’s flagship asset, USDT, is the world’s largest stablecoin and fourth-largest cryptocurrency, with a market cap of $67 billion. The digital asset is pegged 1:1 to the USD, so Tether is expected to have 100% of USDT’s market cap in reserves.
For transparency, Tether releases quarterly attestations on USDT reserves, which will now be published monthly. “We are committed to serving the fast-growing cryptocurrency market as the strongest stable asset in the Web 3 economy. 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,” Paolo Ardoino, CTO of Tether, said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Tether reserve attestations to be conducted by major European accounting firmA major step forward for transparency. Stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves.
Weiterlesen »
Tether reserve attestations to be conducted by major European accounting firmA major step forward for transparency. Stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves.
Weiterlesen »
RBNZ’s Orr: New Zealand a very robust place to manage this period of higher interest ratesRBNZ’s Orr: New Zealand a very robust place to manage this period of higher interest rates – by anilpanchal7 RBNZ NZDUSD RiskAppetite InterestRate NewsTrading
Weiterlesen »
Lowe's, Target earnings, retail sales and more: Wednesday's 5 things to knowTraders will have retailers on the mind in Wednesday's session as monthly sales are reported as well as earnings from Lowe's and Target.
Weiterlesen »
House hunters in the market are 'enjoying newfound bargaining power,' Redfin report saysBuyers are backing out of contracts, prompting sellers to up incentives, according to a new report.
Weiterlesen »
Another Loss for the DC Universe: Young Justice Is No MoreA new report says the animated HBO Max series will not be returning for season 5.
Weiterlesen »