Stablecoin giant Tether, the crypto industry’s leading dollar-pegged stablecoin USDT announced its commitment to provide real-time data on the reserves backing its token.
Tether Commits to Disclosure of Real-Time Reserve Data by 2024
This decision comes as part of Tether’s efforts to increase transparency and address past concerns about its reserve assets.
Tether announced in its latest quarterly statement that it had an excess reserve of $3.3 billion. This glut came as Tether accumulated a significant $72.5 billion in value by switching from its controversial commercial paper holdings to U.S. Treasury securities.
The firm has faced regulatory challenges in the past and was fined $42.5 million from the Commodity Futures Trading Commission (CFTC) in 2021.
The CFTC claimed that USDT did not have the necessary support for a significant portion of a 26-month period extending from 2016 to 2018.
Despite past hurdles, Tether has experienced rapid growth, boasting a market cap of $83.9 billion. This figure, reported by CoinMarketCap, is supported by a strong daily trading volume that consistently exceeds $30 billion.
In a recent executive shakeup, Paolo Ardoino, previously Chief Technology Officer, was promoted to Chief Executive Officer.
Simultaneously, former manager Jean-Louis van der Velde moved to a consulting role within the company.
*This is not investment advice.
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