Sunday, 14 July 2024

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Tether plans to start publishing real-time reserve reports in 2024

Tether plans to start publishing real-time reserve reports in 2024

  • Tether is planning to introduce real-time reserve data reporting by 2024.
  • Tether currently updates its reserve data daily and issues monthly and quarterly reports,
  • According to its Q2 attestation Tether reserves had an excess of $3.3 billion.

Tether Holdings, the issuer of the world’s largest stablecoin, Tether (USDT), is gearing up to enhance the transparency of its operations by updating the frequency of releasing reserve data reports.

According to Paolo Ardoino, Tether’s Chief Technical Officer and the upcoming CEO, the company is planning to initiate real-time publication of reserve data by the year 2024.

Transparency of Tether’s reserves

The move comes in response to ongoing concerns about the transparency of Tether’s reserves, which is essential for maintaining trust in the stablecoin. Currently, Tether publishes and updates its reserve data at least once a day. In addition to daily updates, the company also issues monthly reserve reports and quarterly reserve reviews.

In Tether’s latest Q2 attestation, performed by accounting firm BDO, it was revealed that the company had bolstered its excess reserves by $850 million, bringing the total excess reserves to a substantial $3.3 billion. Furthermore, the report disclosed that Tether had approximately $72 billion worth of indirect exposure to United States Treasuries held by money market funds, with U.S. Treasuries collateralizing its overnight repurchase agreements.

Real-time reserve reporting

This commitment to real-time reporting is a significant step toward ensuring the stability and reliability of Tether in the cryptocurrency market. The move will provide users and investors with immediate and up-to-date information on the assets underpinning the stablecoin, thereby addressing previous criticisms and increasing credibility.

Tether’s efforts to enhance transparency align with the broader objectives of creating a trustworthy environment for stablecoin users and investors.

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