Tether plans to start publishing real-time reports in 2024
Tether plans to introduce real-time reserve data reporting in 2024. Tether currently updates its reserve data daily and provides monthly and quarterly reports.
Tether Holdings, the world's largest stablecoin Tether (USDT), is preparing to increase the transparency of its operations by updating the frequency of issuing reserve data reports.
According to Tether's Chief Technical Officer and incoming CEO, Paolo Arduino, the company in 2016 In 2024, it plans to start publishing backup data in real-time.
Transparency of Tether reserves
The move is in response to ongoing concerns about the transparency of Tether reserves, which is essential to maintaining trust in statcoin. Tether currently publishes and updates its backup data at least once a day. In addition to daily updates, the company provides monthly backup reports and quarterly reviews.
In Teeter's latest Q2 confirmation, according to a report by accounting firm BDO, the company boosted surplus by $850 million, bringing total surplus to a record high of $3.3 billion. In addition, the report noted that Tether has about $72 billion of indirect exposure to U.S. Treasuries held by money market funds, backed by agreements to buy U.S. Treasuries overnight.
Real-time backup reporting
This commitment to real-time reporting is a major step forward in ensuring Tether's stability and reliability in the cryptocurrency market. The move will provide users and investors with immediate and up-to-date information on assets under the stablecoin, thereby addressing previous criticisms and increasing credibility.
Tether's efforts to enhance transparency align with its larger goals of creating a trusted environment for stablecoin users and investors.
