Tether Will Publish Reserve Data in Real Time in 2024: Report
In 2024, stablecoin issuer Tether will publish real time data on the reserves backing USDT, the industry’s largest dollar-pegged stablecoin, according to a Bloomberg report.
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.”