Tether Holdings Ltd, the disputed issuer of the world’s largest stablecoin Tether (USDT), retained BDO Italia, the Italian arm of the world’s fifth largest accounting firm, to issue assurance and attestation reports of its reserves. Tether has previously worked with two Cayman Islands-based accounting firms, Moore Cayman and MHA Cayman. In 2021, Tether settled an investigation into the company’s practices of the New York Attorney General’s office with an $18.5 million payment.
Launched in 2014, Tether’s USDT stablecoin has the largest market share in the world, with its current total supply at over 66 billion. When asked if Tether approached the Big Four accounting firms, i.e., Deloitte, EY, KPMG, and PricewaterhouseCoopers (PwC), the company said: “We have publicly commented on the fact that no stablecoin has to date been successful in engaging a Big 4 accounting firm.“
BDO’s global organization extends across 167 countries and territories, with more than 97,000 people working out of 1,713 offices. It is the fifth largest public accounting organization firm in terms of revenue. Tether aims to go through a complete audit in the future, which would be a priority.
