New Auditor for Stablecoin Issuer Tether Confirms Slashing of Commercial Paper Holdings

BDO Italia has reaffirmed stablecoin issuer Tether's consolidated reserves report that showed a 58% quarterly decline in commercial paper holdings to $8.5 billion as of June 30.

• Tether also confirmed its expectation that commercial papers will be down to $200 million by the end of August and zero before the end of the year.

• Tether on Thursday announced BDO Italia is taking over its regular attestation reports and said the statements will be published each month rather than once per quarter as it had done before.

• The BDO report considers Tether's holdings on June 30, confirming at that time Tether had $66.4 billion in assets, with $28.8 billion in Treasury bills, $6.8 billion in money-market funds, $5.4 billion in cash and some other modest holdings in addition to the $8.5 billion in commercial paper.

• “The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy," Tether Chief Technology Officer Paolo Ardoino wrote on the company's website.

Read more: Tether Reduces Commercial Paper Holdings Almost 60% as It Tackles Quality Concerns