Eventually Tether has found a quality "stop" in the implementation of reports on the escrow situation for stablecoins USDT. This news has somewhat reassured the community after the recent FUDs faced by the company.
On the afternoon of August 180, the publisher stablecoins the world's largest Tether announced that it has partnered with BDO Italia, the Italian branch of the world's fifth largest auditing firm - BDO Audit Services Company Limited (BDO), to support Tether issue escrow financial statements for reserves stablecoins USDT.
Tether Announces Alignment With Top Five Accounting Firm And Confirms Attestations Will Now Be Completed By BDO Italia https://t.co/2vO7F2c3b2— Tether (@Tether_to) August 18, 2022
Tether previously worked with two “world top 12” auditing firms based in the Cayman Islands, in the Caribbean (UK), Moore Cayman and MHA Cayman. Tether revealed its partnership with BDO Italia's means the company will no longer operate with Moore Cayman and MHA Cayman.
This is quite surprising news because both of the Cayman Islands auditing firms, once considered “family” of Tether, have assisted the company in the last 4 reports in March 2021, the month of March. June 2021, December 2021 and May 2022.
However, the same intimate relationship and audit quality are somewhat not outstanding compared to the common ground, Tether must constantly be entangled in the vortex of criticism of the project on the issue of shady and dishonest escrow. .
The climax begins with the event Bloomberg made a "shocking" report, revealing the true picture behind Tether's business in October 2021. Just a week later, both Tether and Bitfinex were fined $42.5 million. It is worth noting that the intervention of the United States Assets Futures Trading Commission (CFTC). Not only that, the fire against Tether continues to burn when Hindenburg Research is willing to pay up to 1 million USD to those who provide valuable information about the "dark side" of USDT.
The story does not end there, by taking the opportunity in the midst of the demise of LUNA/UST, liquidity crisis Celsius – Three Arrow Capital (3AC), large investment funds have not hesitated to FUD Tether and are said to be allied with each other to short USDT since the stablecoin was depeg on May 12, causing the community to fear pulling the total supply of Tether. down 12 billion USD in just 1 month from May 16, 2022 to June 16.
However, according to the latest audit report published in May 2022, Tether still claims to have a reserve of $82.4 billion, confirming that there is "excessive capacity" to back the stablecoin USDT. The supply of Tether as of now has started to increase again after three consecutive months of deep decline, currently knife at $67.5 billion at press time.
Returning to the main topic in the article, Tether said that the company started working with BDO Italia in July 2022 to confirm the quarterly report, and shared that they also plan to move forward. Monthly guarantee.
When asked if Tether has access to any of the “Big 4” auditing firms including Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC), the answer seems to remain the same. Not so sure with the following argument:
“We would like to publicly remark that no stablecoin to date has been successful in coordinating with a Big 4 audit firm.”
However, although the event came a bit late compared to the community's belief, their wish for an industry-leading reputable auditing firm behind Tether has now come true. In the opposite direction, the opponent Circle – stablecoin issuer USDC received the escrow report earlier from Grant Thornton LLP (currently top 7 audit firm).