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Tether Aims to Publish Reserve Data in Real-Time in Coming Years: Report
Tether had a $3.3 billion excess in reserves at the end of Q2.
Updated Oct 21, 2023, 3:07 p.m. Published Oct 20, 2023, 10:57 a.m.
Stablecoin issuer Tether is working towards publishing real-time data on the reserves backing USDT in coming years, the industry's largest dollar-pegged stablecoin, according to a Bloomberg report.
The firm told Bloomberg that it doesn't have any hard-and-fast deadline to achieve its real-time data reporting goal.
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In its latest quarterly attestation, Tether had $3.3 billion in excess reserves as it converted its pile of controversial commercial paper for U.S. Treasuries, of which it held $72.5 billion worth.
The firm received a $42.5 million fine from The Commodity Futures Trading Commission (CFTC) in 2021 on allegations that USDT was not fully backed for the majority of a 26-month period between 2016 and 2018.
Tether has since ballooned in size, commanding a market capitalization of $83.9 billion that regularly surpasses $30 billion in daily trade volume, according to CoinMarketCap.
The company promoted Paolo Ardoino, previously CTO, to CEO last week with previous executive Jean-Louis van der Velde transitioning into and advisory role.
Ardoino said that he views Tether as a "tech powerhouse" that will "reshape the future of finance."
UPDATE (Oct. 21, 3:06 UTC): Updates to remove the 2024 timeline throughout the story.
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