Tether Holdings, the issuer of the world’s largest stablecoin, Tether (USDT), is aiming to improve the transparency of its operations. Paolo Ardoino, Tether’s Chief Technical Officer and the upcoming CEO, has announced the company’s plan to publish real-time reserve data reports by 2024.
Due to concerns over the transparency of Tether’s reserves, the company currently updates its reserve data at least once a day. It also issues monthly and quarterly reports. According to the latest Q2 attestation by accounting firm BDO, Tether’s excess reserves totaled $3.3 billion and it had approximately $72 billion worth of indirect exposure to United States Treasuries.
The move to real-time reporting is a major step towards ensuring the stability and reliability of Tether in the cryptocurrency market. Users and investors will have access to up-to-date information on the assets underpinning the stablecoin, thus addressing previous criticisms and increasing credibility.
Tether’s action to increase transparency is in line with its goal to build a trustworthy environment for stablecoin users and investors.
