The attachment reserve certificates must be carried out by a major European accounting firm

BDO Italia, member of accounting organization BDO Global, will start producing monthly attestations of USDT Tether support.

In a move towards greater transparency and alignment with international accounting standards, stablecoin operator Tether Holdings Limited has engaged BDO Italia to perform regular reviews and attestations of its dollar reserves.

Tether, which operates the USDT stablecoin, officially began working with BDO Italia in July, the company revealed on Thursday. BDO Italia will be responsible for conducting an independent review of Tether's stablecoin reserves to ensure that each unit of USDT is backed by cash or cash equivalents. Through BDO reviews, Tether aims to release public attestation reports monthly instead of quarterly. The attestations will include updates on the number of USDT tokens issued as well as company reserves.

BDO Italia is the Italian branch of BDO Global, an international network of accounting firms headquartered in Zaventem, Belgium. BDO Global ranks among the five largest European accounting firms in terms of total turnover. The company has offices in North and South America, Europe, the Middle East, North Africa and the Asia-Pacific region.

Tether eventually seeks to shed commercial paper backed by its US dollar-based stablecoin "without any loss".

The company plans to reduce its volume from $11 billion to $8.4 billion by the end of June. https://t.co/IzzjTKnpPq

Paolo Ardoino, Chief Technology Officer of Tether, said his company's commitment to providing more transparency reflects its growing mandate beyond just offering liquidity to crypto traders:

"The usefulness of Tether has become more than just a tool to quickly enter and exit trading positions, and it is therefore essential for us to evolve alongside peer-to-peer markets and payments. "

Tether has started publishing quarterly attestations of its stablecoin...