Tether Holdings, the world’s largest market-cap stablecoin issuer, Tether (USDT), is reportedly gearing up to increase the frequency of its reserve reporting.
Paolo Ardoino, the Chief Technology Officer and upcoming CEO of Tether, revealed that the company plans to publish real-time reserve data in 2024, as reported by Bloomberg on October 20.
According to Tether’s transparency page, the stablecoin issuer currently publishes and updates its reserve data at least once a day. Tether also releases monthly reserve reports alongside quarterly reserve assessments.
Despite many cryptocurrency markets experiencing a downturn in 2023, the USDT issuer has regained momentum over the past year. According to Tether’s Q2 update, the company’s assets increased by 5.7% to $86.5 billion. The company earned over $1 billion in “operating profits,” a 30% increase from the previous quarter.
Tether has also seen an uptick in its stablecoin lending activities in 2023, despite cutting those loans to zero in December 2022.
According to Tether’s Q2 attestation from accounting firm BDO, the company increased its overcollateralization to $850 million, raising the total overcollateralization to $3.3 billion. The company also revealed that they have an indirect exposure valued at $72 billion to U.S. Treasury Bonds.