According to Paolo Ardoino, Tether’s CEO, the stablecoin issuer reportedly plans to alter the frequency with which it releases reserve data reports and plans to publish them in real-time by 2024.
Bloomberg reported on October 20 that Tether’s chief technology officer and incoming CEO, Paolo Ardoino, stated that the company intends to publish real-time reserve data in 2024.
The stablecoin issuer publishes and updates its reserves data at least once daily, per the Tether transparency page. In addition to quarterly reserve evaluations, Tether issues monthly reserve reports.
Despite many cryptocurrency markets experiencing a decline in 2023, the company that issues USDT has gained traction over the past year. The company’s assets increased by 5.7% to $86.5 billion, according to Tether’s Q2 update. The company’s “operational profit” exceeded $1 billion, a 30% increase from the previous quarter.
Tether also saw an increase in stablecoin lending in 2023 despite having reduced stablecoin lending to zero in December 2022.
According to Tether’s Q2 attestation from the accounting firm BDO, the company’s excess reserves increased by $850 million, bringing the total to $3.3 billion.
In addition, the company disclosed that it had $72 billion in indirect exposure to U.S. Treasuries held by money market funds and as collateral for its overnight repo.
