This week, the stablecoin issuer Tether Holdings Limited revealed an update to its assurance and attestation process and detailed that the company has been working with accounting firm BDO Italia. The accounting firm will conduct monthly tether assurance reports based on the stablecoin issuer’s reserves. The following day, Tether published its quarterly assurance opinion completed by BDO and it notes that the company has seen a 58% decrease in commercial paper reserves.
Tether Hires BDO Italia, Company Publishes Quarterly Consolidated Reserves Report
Tether Holdings Limited, the company behind the largest stablecoin by market capitalization tether (USDT), announced on Thursday that BDO Italia will be conducting monthly USDT assurance reports. In the past, Tether’s assurance reports were written by the firm MHA Cayman, an auditor formally known as Moore Cayman. Tether’s announcement on August 18 notes that it has worked with the top five ranked accounting firm in terms of revenue, BDO Italia, since July 2022 for the firm’s quarterly attestation.
After the announcement noting Tether will leverage BDO for assurance reports, Tether and BDO published the stablecoin’s quarterly consolidated reserves report. BDO’s report breaks down Tether Holdings Limited’s assets as of June 30, 2022. “As of June 30th, the CCR and BDO confirmed a more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B, which is on track with Tether’s commitment to the community,” Tether detailed in a blog post published on August 19. Tether’s consolidated reserves report summary continues:
As previously announced, the exposure to commercial papers will be down to 200m by the end of August 2022 and to zero before the end of the year. During the same period, Tether has increased its holdings of cash and bank deposits by 32%.
A Myriad of Stablecoins Falter in 2022, the Number of Tether in Circulation Drops by 18.31% in 130 Days
Tether’s recent report follows the issues with myriad stablecoin assets in 2022. On August 17 and 18, the Stable Universe Limited issued HUSD temporarily depegged from its U.S. dollar parity, slipping to $0.827 per unit on Thursday. HUSD’s peg has since been restored, but a few days before the depegging incident, AUSD, a Polkadot-based stablecoin, dropped 98% in value on August 14. AUSD managed to rebound and reach $0.85 on August 19, but the stablecoin is currently trading for $0.8167 per…
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