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Stablecoin Tether hires BDO Italia for monthly proof-of-reserve reports

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Reuters UK

By Elizabeth Howcroft LONDON (Reuters) – Tether, the world’s largest stablecoin, said on Thursday it had appointed accounting firm BDO Italia to vouch for its asset reserves, and would look to increase the frequency of publishing its reserves reports to monthly from quarterly. Stablecoins are a type of cryptocurrency designed to keep constant value, such as a 1:1 U.S. dollar peg. They are widely used to move funds between different cryptocurrencies or into regular cash. Tether says its coin maintains its value by holding dollar-denominated reserves to match or exceed the value of Tether coins …

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