Tether Plans to Release Real-Time Reserve Data Reports by 2024
Tether Holdings, the issuer of the world’s largest stablecoin, Tether (USDT), is preparing to update the frequency of releasing its reserve data reports. According to Paolo Ardoino, Tether’s chief technology officer and incoming CEO, the company plans to publish reserve data in real-time starting in 2024. This move aims to enhance transparency and address concerns regarding the backing of the stablecoin.
Current Reporting Practices
Currently, Tether publishes and updates its reserves data at least once per day, as stated on its transparency page. The company also issues monthly reserve reports along with quarterly reserve reviews.
Growing Momentum for Tether
Despite the slump in many cryptocurrency markets during 2023, Tether has experienced significant growth. In Q2, the company’s assets rose by 5.7% to $86.5 billion. Tether also reported over $1 billion in operational profit, marking a 30% increase from the previous quarter.
Increase in Stablecoin Lending
Tether has seen an increase in its stablecoin lending activities throughout 2023. This growth occurred even after the company had reduced such loans to zero in December 2022.
Hot Take: Tether’s Commitment to Transparency
Tether’s decision to release real-time reserve data reports demonstrates its commitment to transparency and addressing concerns surrounding its stablecoin’s backing. By providing real-time updates, Tether aims to alleviate any doubts about the stability and legitimacy of USDT. This move may also contribute to further adoption and trust in Tether as a reliable stablecoin option within the crypto market.
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