Tether operates with a real-time reserve report system: Bloomberg

Paolo Ardoino, Tether‘s soon-to-be CEO and current Chief Technical Officer, has revealed that Tether Holdings, the issuer of the world’s largest stablecoin, Tether (USDT), with a market capitalization of $1.00, is actively developing a real-time reserve data reporting system. This exciting development aims to provide instantaneous updates regarding Tether’s reserve data, a significant leap in transparency for the crypto industry.

According to a report by Bloomberg on October 20, 2023, Tether plans to roll out this real-time reserve data publishing in 2024. It’s worth noting that Tether has refrained from setting a rigid deadline for this ambitious undertaking, emphasizing their commitment to precision over haste.

Tether Holdings has not yet responded to Cointelegraph’s request for commentary. However, a visit to Tether’s transparency page reveals that the stablecoin issuer presently updates its reserve data daily. Additionally, they issue monthly reserve reports, complemented by quarterly reserve reviews.

While the year 2023 witnessed some downturns in various cryptocurrency markets, Tether’s USDT issuance remains a formidable force. Tether’s Q2 update reported a remarkable 5.7% surge in assets, bringing their total to $86.5 billion. This surge culminated in over $1 billion in operational profit, reflecting a 30% increase compared to the prior quarter.

Furthermore, despite reducing its lending activities to zero in December 2022, Tether has experienced significant growth in its stablecoin lending throughout 2023. A Q2 attestation from accounting firm BDO affirms that the company bolstered its excess reserves by an impressive $850 million, reaching a total of $3.3 billion. Additionally, Tether disclosed an indirect exposure of $72 billion to United States Treasurys, supported by collateralized U.S. Treasurys in its overnight repo operations.