Tether works on real-time reserve report system: Bloomberg
Paolo Ardoino, Tether’s chief technical officer and incoming CEO, said the firm is working on a system of real-time publishing reserve data, according to a report.
Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, Tether (USDT), is reportedly working on instant updates of its reserve data reports.
Paolo Ardoino, Tether’s chief technical officer and also upcoming CEO, disclosed that the firm plans to start publishing reserve data in real time in 2024, Bloomberg reported on Oct. 20. Soon after the article was published, Tether said that it had no “hard-and-fast deadline by which to achieve this goal,” according to the updated article.
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.
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.
Update Oct. 21, 11:00 AM UTC: The article was updated to reflect that Tether had no “hard-and-fast deadline” for publishing reserve reports in real time.
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