Tether, the largest stablecoin by market capitalization, announced that BDO Italy has taken over its asset attestation. The global BDO group is the fifth largest accounting firm, although it’s just a third of the size of number four ranked KPMG. Previously the attestations were by Moore Cayman.
In February 2021, Tether was banned from operating in New York state and in October, it received a $41 million fine from the Commodity Futures Trading Commission (CFTC) over untrue and misleading statements about the reserves that back the stablecoin.
Since the collapse of the Terra algorithmic stablecoin in May, a flight to quality has seen the market capitalization of Tether decline from $83 billion to $67 billion. That coincided with the stablecoin losing its dollar peg, declining to 95 cents around May 12 before re-establishing the peg. Since then, the second-ranked stablecoin USDC has risen from $49 billion to $54 billion.
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