The issuing company of the largest stablecoin Tether USD (USDT) will begin publishing data on reserves in real time in 2024, reports RBC Crypto with link to the recently appointed CEO of the company, Paolo Ardoino.
The company now reports reserves quarterly. In July of this year, Tether reported excess reserves of $850 million for the second quarter of 2023, and the company’s operating profit exceeded $1 billion, up 30% from January-March of this year.
Tether USD (USDT) is the largest stablecoin on the cryptocurrency market and the third largest crypto asset by capitalization after Bitcoin (BTC) and Ethereum (ETH). Its capitalization continued to grow even against the background of the difficulties of other major players in the crypto market.
In 2021, the US Commodity Futures Trading Commission (CFTC) accused Tether was fined $42 million for misleading customers about its collateral assets. That same year, the company hired an accounting firm to publish its reserves quarterly.
On October 13, Paolo Ardoino was appointed CEO of Tether, who had served as the company’s technical director for several years before. In July, Forbes named Tether owners, including Ardoino, dollar billionaires. Journalists have calculated that each of the four founders of Tether have shares in the company of $1.8 billion.
Source: Cryptocurrency
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