Crypto investors are starting to see the results of their Uptober expectations as BTC approaches the $30,000 mark once again. While BTC’s movement is positive, it has not fully reflected on altcoins. However, it should be noted that there won’t be an impressive recovery in the rest of the crypto market without BTC solidifying higher support levels.
Tether (USDT) Announcement
The second piece of good news today came from the largest stablecoin issuer. Tether, which triggered many major market downturns in the crypto market, has been the company behind FUDs that caused cryptocurrency to shake in critical times, ranging from the China Evergrande crisis to various events. According to Bloomberg, Tether is taking a significant step to further enhance transparency.
According to Bloomberg’s report, Tether, the stablecoin issuer, will livestream its reserves in 2024. In its latest quarterly statement, Tether held $72.5 billion worth of US Treasury bonds. Additionally, the company has a reserve surplus of $3.3 billion.
Is USDT Safe?
Serious issues such as working with a bank, vulnerability of commercial papers, and lack of transparency have been discussed for years. However, Tether is intending to eliminate all these problems. The sudden depreciation of commercial papers and the potential bankruptcy of companies made its reserves vulnerable. This problem has now been eliminated.
Now we see the team taking action to overcome the lack of transparency. The company was previously fined by the Commodity Futures Trading Commission for not providing full reserve support to the token between 2016 and 2018. Now, with live proof, it can ensure that past mistakes are forgotten. If the vulnerability of the largest stablecoin is eliminated, it will be a positive development for the rest of the crypto market.
The company recently appointed Paolo Ardoino, who was previously the CTO, as the CEO. Paolo, who was criticized for being more outspoken than the CEO, is giving the impression that Tether is preparing for the bull season.
At the time of writing, the price of Bitcoin is at $29,850 and volumes continue to remain low. However, if the current optimism grows, we may see a solid foundation for a sustained rise.
