- Tether’s incoming CEO revealed the company is working on a plan to publish reserve data in real-time by 2024
- The precise timeline for its implementation remains to be seen
Tether Holdings, the issuer of the world’s largest stablecoin, Tether [USDT], is reportedly planning to enhance the frequency of releasing its reserve data reports. Paolo Ardoino, Tether’s Chief Technology Officer and incoming CEO, revealed that the company is working on a plan to publish reserve data in real-time by 2024, according to Bloomberg.
Tether’s transparency page indicates that the stablecoin issuer publishes and updates its reserve data at least once daily. In addition to these daily updates, Tether provides monthly and quarterly reserve reviews.
This move toward real-time reserve data disclosure comes at a time when Tether is continuing to gain momentum. This, despite some stagnation in the cryptocurrency markets throughout 2023. Tether reported in its Q2 update that the company’s assets had surged by 5.7% to hit $86.5 billion. The firm also noted an operational profit of over $1 billion, marking a substantial 30% increase from the previous quarter.
In another noteworthy development, Tether’s stablecoin lending activity increased in 2023. This was the case even after the company previously announced the cessation of such loans in December 2022.
Tether to provide more frequent insights
According to the Q2 attestation from the accounting firm BDO, Tether significantly bolstered its excess reserves by adding $850 million. The firm thereby raised the total excess reserves to $3.3 billion. Tether also disclosed having an indirect exposure of $72 billion to U.S. Treasuries held by money market funds and U.S. Treasuries collateralizing its overnight repurchase agreements.
The decision to transition to real-time reserve data reporting is poised to enhance transparency for Tether. The company has been under scrutiny concerning the backing of its stablecoin with adequate reserves. Real-time reporting will likely provide more frequent and detailed insights into the assets supporting Tether, which may help bolster market confidence in the stablecoin.
The precise timeline for implementing this real-time reporting mechanism remains to be seen, as it is set for full deployment by 2024. In the meantime, Tether will continue its current practices of daily and monthly reserve data updates, offering periodic glimpses into its financial position.
Stablecoin issuer acts against unlawful crypto-activity
Tether recently froze 32 addresses involved in illicit activity in Israel and Ukraine, totaling $873,118.34. The stablecoin company partnered with Israeli NBCTF to combat cryptocurrency-driven terrorism. Tether has been actively involved in investigations, working with 31 agencies in 19 jurisdictions to freeze $835 million in assets, primarily linked to theft, including blockchain and exchange hacks.
Despite blockchain industry skepticism, Paolo Ardoino, Tether’s CEO, emphasized the cryptocurrency sector’s commitment to preventing unlawful use. He highlighted the transparency and traceability of cryptocurrency transactions. Ardoino also reinforced the industry’s resolve to collaborate with global law enforcement agencies for security and financial integrity.
- Tether’s incoming CEO revealed the company is working on a plan to publish reserve data in real-time by 2024
- The precise timeline for its implementation remains to be seen
Tether Holdings, the issuer of the world’s largest stablecoin, Tether [USDT], is reportedly planning to enhance the frequency of releasing its reserve data reports. Paolo Ardoino, Tether’s Chief Technology Officer and incoming CEO, revealed that the company is working on a plan to publish reserve data in real-time by 2024, according to Bloomberg.
Tether’s transparency page indicates that the stablecoin issuer publishes and updates its reserve data at least once daily. In addition to these daily updates, Tether provides monthly and quarterly reserve reviews.
This move toward real-time reserve data disclosure comes at a time when Tether is continuing to gain momentum. This, despite some stagnation in the cryptocurrency markets throughout 2023. Tether reported in its Q2 update that the company’s assets had surged by 5.7% to hit $86.5 billion. The firm also noted an operational profit of over $1 billion, marking a substantial 30% increase from the previous quarter.
In another noteworthy development, Tether’s stablecoin lending activity increased in 2023. This was the case even after the company previously announced the cessation of such loans in December 2022.
Tether to provide more frequent insights
According to the Q2 attestation from the accounting firm BDO, Tether significantly bolstered its excess reserves by adding $850 million. The firm thereby raised the total excess reserves to $3.3 billion. Tether also disclosed having an indirect exposure of $72 billion to U.S. Treasuries held by money market funds and U.S. Treasuries collateralizing its overnight repurchase agreements.
The decision to transition to real-time reserve data reporting is poised to enhance transparency for Tether. The company has been under scrutiny concerning the backing of its stablecoin with adequate reserves. Real-time reporting will likely provide more frequent and detailed insights into the assets supporting Tether, which may help bolster market confidence in the stablecoin.
The precise timeline for implementing this real-time reporting mechanism remains to be seen, as it is set for full deployment by 2024. In the meantime, Tether will continue its current practices of daily and monthly reserve data updates, offering periodic glimpses into its financial position.
Stablecoin issuer acts against unlawful crypto-activity
Tether recently froze 32 addresses involved in illicit activity in Israel and Ukraine, totaling $873,118.34. The stablecoin company partnered with Israeli NBCTF to combat cryptocurrency-driven terrorism. Tether has been actively involved in investigations, working with 31 agencies in 19 jurisdictions to freeze $835 million in assets, primarily linked to theft, including blockchain and exchange hacks.
Despite blockchain industry skepticism, Paolo Ardoino, Tether’s CEO, emphasized the cryptocurrency sector’s commitment to preventing unlawful use. He highlighted the transparency and traceability of cryptocurrency transactions. Ardoino also reinforced the industry’s resolve to collaborate with global law enforcement agencies for security and financial integrity.
buying cheap clomid without dr prescription cost of cheap clomid without a prescription clomiphene price uk where can i get generic clomid without prescription where to buy cheap clomid pill clomid usa can you get clomid pills
The thoroughness in this draft is noteworthy.
Thanks on sharing. It’s acme quality.
order azithromycin without prescription – zithromax 500mg price flagyl usa
order rybelsus 14mg pill – order periactin 4 mg online order cyproheptadine 4 mg online cheap
buy motilium tablets – order motilium generic cheap cyclobenzaprine 15mg
oral inderal – buy generic inderal for sale methotrexate buy online
purchase amoxicillin online – where to buy amoxil without a prescription ipratropium 100mcg pills
azithromycin uk – zithromax 500mg sale order nebivolol 20mg
order augmentin 375mg online cheap – https://atbioinfo.com/ buy acillin no prescription
buy esomeprazole pill – https://anexamate.com/ nexium 40mg oral
purchase coumadin pills – anticoagulant buy cheap cozaar
buy generic meloxicam for sale – https://moboxsin.com/ order meloxicam 15mg pill
deltasone 5mg cheap – inflammatory bowel diseases prednisone 20mg canada
medicine for impotence – fast ed to take best ed pill
buy amoxil generic – comba moxi order amoxicillin online cheap
purchase forcan generic – https://gpdifluca.com/# order diflucan 200mg generic
cenforce usa – click cenforce medication
tadalafil 20mg (generic equivalent to cialis) – https://ciltadgn.com/# cialis black 800 mg pill house
purchase zantac pill – https://aranitidine.com/# buy zantac 300mg
Thanks for sharing. It’s acme quality. para q sirve la prednisolona
buy viagra online new zealand – this buy online viagra
More posts like this would add up to the online space more useful. https://buyfastonl.com/gabapentin.html
More content pieces like this would insinuate the web better. https://ursxdol.com/levitra-vardenafil-online/
Thanks for putting this up. It’s okay done. https://prohnrg.com/product/loratadine-10-mg-tablets/