Tether Holdings Plans Real-Time Reserve Data Release by 2024
Summary:
Tether Holdings, the company behind top stablecoin Tether (USDT), plans to release its reserve data in real-time by 2024, announced Paolo Ardoino, Tether's CTO and incoming CEO. Currently, the company updates its data once a day and offers monthly and quarterly reserve reports. Tether's Q2 attestation from BDO accounting firm showed an addition of $850 million to its surplus reserves, bringing the total to $3.3 billion. Tether also revealed it had $72 billion of indirect exposure to U.S. Treasury bonds.
Tether Holdings, the entity behind the biggest stablecoin in the world by market cap, Tether (USDT), is allegedly planning to modify the regularity of its reserve report releases. Paolo Ardoino, who holds the positions of CTO and incoming CEO at Tether, unveiled plans for the company to commence the real-time release of reserve data by 2024, as noted by Bloomberg on October 20th. The company did not give an immediate comment when approached by Cointelegraph.
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As shown on Tether's transparency webpage, the firm currently makes accessible and refreshes its reserves data at least daily. Besides this, Tether dispenses monthly reserve reports besides the usual quarterly reserve assessments.
BDO, an accounting firm, confirmed in Tether's Q2 attestation that the company augmented its surplus reserves by $850 million, thus increasing total excess reserves to $3.3 billion. Furthermore, the firm divulged it maintained $72 billion of indirect exposure to U.S. Treasury bonds held by money market funds including U.S. Treasurys serving as collateral for its overnight repo.
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Published At
10/20/2023 1:08:00 PM
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