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Tether Drops Cayman Islands Firm in BDO Italia Attestation Deal

  • Stablecoin issuer plots transition to monthly reserve reports
  • Switch comes as regulators eye tighter rules on digital assets
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Tether Holdings Ltd. has signed an agreement with the Italian subsidiary of accountancy firm BDO LLP to issue quarterly attestations on the stablecoin operator’s reserves, shifting course as global regulators crack down on digital asset services.

Tether started working with BDO Italia, an independent subsidiary of the fifth largest accounting network globally, in July, the company said in a press statement on Thursday. Cayman Islands-based accounting firm MHA Cayman was Tether’s previous assurances partner. The issuer behind USDT, the world’s largest stablecoin with $67 billion in token circulation, is expected to publish an attestation on its second-quarter reserves later this week.