Tether to publish reserve reports in real time in 2024: Bloomberg

Paolo Ardoino, Tether’s chief technical officer and upcoming CEO, said the firm plans to start publishing reserve data in real-time in 2024, according to a report.

Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, Tether (USDT), is reportedly preparing to update the frequency of releasing its reserve data reports.

Paolo Ardoino, Tether’s chief technical officer and upcoming CEO, disclosed that the firm plans to start publishing reserve data in real-time in 2024, Bloomberg reported on Oct. 20.

Tether did not immediately respond to Cointelegraph’s request for comment.

Related: Tether stablecoin loans rise in 2023 despite downsizing announcement in 2022

According to the Tether transparency page, the stablecoin issuer currently publishes and updates its reserves data at least once per day. Tether also issues monthly reserve reports in addition to quarterly reserve reviews.

According to Tether’s Q2 attestation from accounting firm BDO, the firm increased its excess reserves by $850 million, bringing total excess reserves to $3.3 billion. The company also disclosed that it had $72 billion worth of indirect exposure to United States Treasurys held by money market funds as well as U.S. Treasurys collateralizing its overnight repo.

Magazine: Beyond crypto: Zero-knowledge proofs show potential from voting to finance