# Stablecoin Tether hires BDO Italia for monthly proof-of-reserve reports Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-08-19 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Tether Appoints BDO Italia for Asset Reserves Audit Meta Description: Tether, the world's largest stablecoin, aims to publish monthly reports on its reserves. Learn how it maintains value with dollar-denominated holdings. URL: https://financedigest.com/stablecoin-tether-hires-bdo-italia-for-monthly-proof-of-reserve-reportshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-08-18t120921z2lynxmpei7h0hsrtroptp4fintech-bitcoin-1736815433467-compressed.jpg) By Elizabeth Howcroft LONDON (Reuters) -Tether, the world’s largest stablecoin, said on Thursday it had appointed accounting firm BDO Italia to vouch for its asset reserves, and aims to publish its reports monthly rather than quarterly by the end of the year. Stablecoins are a type of cryptocurrency designed to keep constant value, such as a 1:1 U.S. dollar peg. They are widely used to move [funds between different cryptocurrencies or into regular cash](https://www.financedigest.com/cash-crunch-for-british-funds-puts-regulators-under-pensions-lens.html "Cash crunch for British funds puts regulators under pensions lens"). Tether [says its coin maintains its value by holding dollar-denominated reserves to match or exceed](https://www.financedigest.com/amazon-ceo-says-job-cuts-to-exceed-18000-roles.html "Amazon CEO says job cuts to exceed 18,000 roles") the value of Tether coins in circulation. These reserves have long been the subject of scrutiny which sharpened after crypto [markets’ sell-off in May following](https://www.financedigest.com/market-turmoil-a-boon-for-trend-following-hedge-funds.html "Market turmoil a boon for trend-following hedge funds") stablecoin TerraUSD’s collapse. Tether, run by a British Virgin Islands company, has in recent years [published reports in which accountancy firms](https://www.financedigest.com/bank-of-england-publishes-rules-for-energy-firms-liquidity-tool.html "Bank of England publishes rules for energy firms’ liquidity tool") attest to the size of its reserves. The reserves [totalled $82.4 billion](https://www.financedigest.com/simalliance-members-report-shipments-of-4-9-billion-sims-in-2017-while-estimated-total-available-sim-market-in-2017-increases-2-75-to-5-6-billion-units.html "SIMalliance Members Report Shipments of 4.9 Billion SIMs in 2017, while Estimated Total Available SIM Market in 2017 Increases 2.75% to 5.6 Billion Units   ") as of March 31, of which $39 billion was in U.S. Treasuries and $20 [billion in commercial](https://www.financedigest.com/using-a-persons-image-for-commercial-purposes-lessons-learned-from-the-chipotle-2-2-billion-lawsuit.html "Using a Person’s Image for Commercial Purposes: Lessons Learned from the Chipotle .2 Billion Lawsuit") paper. The most recent two [reports were by a Cayman Islands firm](https://www.financedigest.com/local-government-business-support-getting-worse-report-shows-as-70-of-uk-firms-say-its-not-good-enough.html "Local government business support getting worse, report shows, as 70% of UK firms say it’s not good enough"), MHA Cayman. Before that, Tether used another Cayman Islands firm, Moore Cayman, its website shows https://tether.to/en/transparency. BDO [Italia is an audit and assurance company based in Italy](https://www.financedigest.com/telecom-italia-in-talks-with-unions-on-up-to-2000-job-cuts-in-italy.html "Telecom Italia in talks with unions on up to 2,000 job cuts in Italy"), an independent member firm of BDO International Limited. Tether [management includes at least two executives](https://www.financedigest.com/aon-benfield-launches-managed-care-services-platform-with-the-appointment-of-three-key-executives.html "Aon Benfield launches Managed Care Services platform with the appointment of three key executives") from Italy. Most [team members are based in Europe](https://www.financedigest.com/edf-edison-ansaldo-team-up-to-develop-nuclear-power-in-europe.html "EDF, Edison, Ansaldo team up to develop nuclear power in Europe") and the Bahamas, where most the reserves are kept, Chief Technology Officer Paolo Ardoino told Reuters. Tether said in a statement it started working with BDO Italia in July, adding the relationship is “the [next step in the company’s path towards](https://www.financedigest.com/the-next-generation-dermatoscopes-market-show-a-steep-inclination-towards-digitization.html "The Next Generation Dermatoscopes Market show a steep inclination towards digitization") a complete audit. Our community asked over [time to improve the auditing firm that we’re using because they felt like they wanted something](https://www.financedigest.com/the-spritz-gets-a-shake-up-something-nothing-launches-new-ready-to-drink-spritz-in-time-for-summer.html "The Spritz gets a shake up! Something & Nothing launches new ready-to-drink Spritz in time for summer") bigger,” Ardoino said. Tether will have [cut its holdings of commercial paper to $200 million by the end](https://www.financedigest.com/hp-to-cut-about-12-jobs-by-end-of-fiscal-2025.html "HP to cut about 12% jobs by end of fiscal 2025") of August, Ardoino added, down from $8.4 billion on July 1. He did not specify which [assets these funds](https://www.financedigest.com/taas-the-first-ever-tokenized-closed-end-fund-dedicated-to-blockchain-assets-partners-with-exchange-platforms.html "TaaS, the First-Ever Tokenized, Closed-End Fund Dedicated to Blockchain Assets, Partners With Exchange Platforms") had gone into instead. (Reporting by Elizabeth Howcroft, editing by Sinead Cruise, Emelia Sithole-Matarise and Richard Chang) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---