Tether will Publish Reserve Reports in Real Time in 2024: Report
- Tether will release reserve reports in real-time in 2024, confirmed Paolo Ardoino, the firm’s CTO.
- Ardoino did not confirm a hard-and-fast deadline by which his firm plans to achieve this goal.
- It will focus on raising tech investment, talking to regulators, and expanding into renewable energy.
- Ardoino, who turns 39 on Sunday, has also been named as the firm’s incoming CEO.
According to a report, Tether, the issuer of the largest stablecoin by market capitalization, USDT, will publish reserve reports in real time starting in 2024 and will also upgrade the frequency of releasing these reports. This decision comes at a time when the wider digital asset sector has questioned the firm’s stablecoin’s stability following the depegging of other leading stablecoins.
The current chief technology officer and incoming CEO of Tether, Paolo Ardoino, revealed that the firm will publish real-time data in 2024 while talking to Bloomberg. A report revealed on October 20 that the firm intends to compete with the claims of lack of transparency in the near future.
It is important to note here that not much is known about Tether, and its CEO and CFO have been absent from media attention. However, during uncertain times, Ardoino came out in front of the media, addressing concerns and revealing important announcements. When asked why he was chosen to lead the company, he said, “We pulled from sticks, and I had the shortest one,” while adding:
“Our CEO and our CFO are among the smartest people you could ever meet. But also, they are not public people.”
Additionally, Tether’s USDT has increased in circulation in the past year, while other stablecoins like BUSD have suffered. USDT currently accounts for 70% of all the stablecoins in circulation, and its dominance has attracted scrutiny from regulators in the United States. In 2021, the firm paid $40 million to settle a lawsuit filed by a US watchdog that claimed that the firm lied about its reserves.
While Ardoino confirmed that Tether will release real-time reserve reports in 2024, he did not reveal a hard-and-fast deadline by which his firm plans to achieve this goal. Other goals that are on Ardoino’s mind include increasing tech investment, talking to regulators, and expanding into renewable energy.
As reported earlier by Bitnation, Tether revealed in May that it plans to routinely devote up to 15% of its net realized operating earnings to buying bitcoin for its stablecoin reserves, which it will directly custody.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
