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In a move towards greater transparency, Tether Holdings, the entity behind the stablecoin Tether (CRYPTO: USDT), is said to be revising its approach to publishing reserve data reports.
As the crypto community gears up for Benzinga’s Future of Digital Assets conference on Nov. 14, this development from Tether will likely be a discussion topic. The conference aims to address the evolving landscape of digital assets, and
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Paolo Ardoino, soon to be the CEO and currently the chief technology officer of Tether, was quoted by Bloomberg on Oct. 20, stating the company’s intention to “publish reserve data in real-time in 2024.”
While Tether had yet to officially comment on this, its transparency page indicated that it currently updates its reserve data daily and provides monthly and quarterly reserve reports.
Benzinga has reached out to Ardoino for a comment.
Despite facing market challenges in 2023, Tether’s performance has been noteworthy.
Also Read: Crypto Space Gets A Boost With European Banking Authority And ESMA’s Proposed Regulations
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Data from its second quarter update revealed a 5.7% growth in assets, reaching a staggering $86.5 billion.
The company reported an “operational profit” exceeding $1 billion, marking a 30% uptick from the preceding quarter.
Interestingly, 2023 saw a revival in Tether’s stablecoin lending activities, a significant shift considering it had ceased such loans entirely in December 2022.
Further insights from Tether’s second quarter attestation, conducted by accounting firm BDO, highlighted an $850 million increase in excess reserves, totaling $3.3 billion.
Tether also revealed an indirect exposure of $72 billion to U.S. Treasuries via money market funds and U.S. Treasuries backing its overnight repo.
Read Next: Crypto Mining Titan Bitdeer’s $2M Share Repurchase: Shaping the Future of Digital Assets On Nasdaq?
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Photo: Shutterstock
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