Tether to publish reserve reports in real time in 2024: Bloomberg

Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, Tether (USDT), is reportedly preparing to update the frequency of releasing its reserve data reports.

Paolo Ardoino, Tether’s chief technology officer and incoming CEO, disclosed that the firm plans to publish reserve data in real-time in 2024, Bloomberg reported on Oct. 20.

Tether did not immediately respond to Cointelegraph’s request for comment.

According to the Tether transparency page, the stablecoin issuer currently publishes and updates its reserves data at least once per day. Tether also issues monthly reserve reports in addition to quarterly reserve reviews.

Tether transparency page update as of Oct. 19, 2023 at 11:30 pm UTC. Source: Tether

Despite many cryptocurrency markets seeing some slump in 2023, the USDT issuing company has gained momentum over the past year. According to Tether’s Q2 update, the company’s assets rose 5.7% to $86.5 billion. The firm made more than $1 billion in “operational profit,” which is a 30% increase from the previous quarter.

Tether has also seen a increase in its stablecoin lending in 2023, which came despite the firm having cut such loans down to zero in December 2022.

Related: Tether stablecoin loans rise in 2023 despite downsizing announcement in 2022

According to Tether’s Q2 attestation from accounting firm BDO, the firm increased its excess reserves by $850 million, bringing total excess reserves to $3.3 billion. The company also disclosed that it had $72 billion worth of indirect exposure to United States Treasurys held by money market funds, as well as U.S. Treasurys collateralizing its overnight repo.

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Sourced from cointelegraph.com.

Written by Helen Partz on 2023-10-20 13:08:00.

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