header banner

In the Next Years, Tether Wants to Release Reserve Data in Real Time: Report

Table of Contents

    Stablecoin issuer Tether is working towards publishing real-time data on the reserves backing USDT in coming years, the industry's largest dollar-pegged stablecoin, according to a Bloomberg report.

    The firm told Bloomberg that it doesn't have any hard-and-fast deadline to achieve its real-time data reporting goal.

    In its latest quarterly attestation, Tether had $3.3 billion in excess reserves as it converted its pile of controversial commercial paper for U.S. Treasuries, of which it held $72.5 billion worth.

    The firm received a $42.5 million fine from The Commodity Futures Trading Commission (CFTC) in 2021 on allegations that USDT was not fully backed for the majority of a 26-month period between 2016 and 2018.

    Tether has since ballooned in size, commanding a market capitalization of $83.9 billion that regularly surpasses $30 billion in daily trade volume, according to CoinMarketCap.

    The company promoted Paolo Ardoino, previously CTO, to CEO last week with previous executive Jean-Louis van der Velde transitioning into and advisory role.

    Ardoino said that he views Tether as a "tech powerhouse" that will "reshape the future of finance."

    UPDATE (Oct. 21, 3:06 UTC): Updates to remove the 2024 timeline throughout the story.

    Edited by Parikshit Mishra.


    Article information

    Author: Thomas Reynolds

    Last Updated: 1698158282

    Views: 1319

    Rating: 4.9 / 5 (98 voted)

    Reviews: 83% of readers found this page helpful

    Author information

    Name: Thomas Reynolds

    Birthday: 2004-06-21

    Address: 181 Mccoy Squares, Greenview, SD 46653

    Phone: +3505826968770932

    Job: Article Writer

    Hobby: Calligraphy, Singing, Bird Watching, Soccer, Lock Picking, Traveling, Painting

    Introduction: My name is Thomas Reynolds, I am a welcoming, Adventurous, dear, radiant, ingenious, fearless, honest person who loves writing and wants to share my knowledge and understanding with you.