Tether plans real-time reserve data reports by 2024: Report
The post Tether plans real-time reserve data reports by 2024: Report appeared on BitcoinEthereumNews.com. 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…
The post Tether plans real-time reserve data reports by 2024: Report appeared on BitcoinEthereumNews.com.
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…
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