Tether’s Transition to Real-Time Reserves in 2024

Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, USDT, is rumored to be planning a change to the frequency of its reserve data reports.

Bloomberg reported on October 20 that Tether’s chief technology officer and incoming CEO, Paolo Ardoino, stated that the company intends to publish real-time reserve data in 2024.

The stablecoin issuer presently publishes and updates its reserve data at least once per day, per the Tether transparency page.

Tether additionally publishes monthly reserve reports in addition to quarterly reports. Despite many cryptocurrency markets experiencing a decline in 2023, the company that issues USDT has gained traction over the past year.

Tether transparency page update as of Oct. 19, 2023 at 11:30 pm UTC. Source: Tether

The company’s assets increased by 5.7% to $86.5 billion, according to Tether’s Q2 update. The company’s “operational profit” exceeded $1 billion, a 30% increase from the previous quarter.

Tether also saw an increase in stablecoin lending in 2023, despite having reduced stablecoin lending to zero in December 2022.

The accounting firm BDO attested that Tether increased its excess reserves by $850 million during the second quarter, bringing the total to $3.3 billion.

In addition, the company disclosed that it had $72 billion in indirect exposure to U.S. Treasury securities held by money market funds and as collateral for its overnight repo.