Tether Plans to Publish Real-Time Reserve Reports, New CEO Says - COINTURK NEWS
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Tether Plans to Publish Real-Time Reserve Reports, New CEO Says

3:03 am (43 days ago)
October 23, 2023

Stablecoin issuer Tether is planning to publish real-time reserve reports until next year, according to its new CEO Paolo Ardoino. Ardoino, who will become the company’s CEO in December of this year, told Bloomberg that the company plans to publish real-time reserve proofs next year, but emphasized that Tether itself is not a firm deadline.

Reserve Reports in Tether!

Tether already provides daily reserve reports on its website. As of the time of writing, Tether reported that it has $84.15 billion in USDT, the largest stablecoin in the market backed by the US dollar.

Ardoino also stated that Tether’s goals for the coming year regarding its move are to increase technology investments, engage with regulators, and expand into renewable energy. USDT, by far, conducts more trading volume than other cryptocurrencies, even surpassing Bitcoin (BTC). Last week, blockchain analytics platform Santiment suggested that a significant amount of Tether, a stablecoin, has returned to cryptocurrency exchanges, which is generally considered a bullish signal.

Santiment Reports!

The leading analytical platform stated that the amount of USDT on exchanges has reached a level last seen in March 2023 and that this has increased the purchasing power of crypto investors. The company stated the following in its comments:

The $9.99 billion worth of Tether on exchanges is the highest purchasing power level for the best stablecoin in crypto in about seven months. There has been a 40% increase in USDT available on these exchanges since June 13.

While Tether commits to publishing real-time reserve reports until next year, the company’s new CEO Paolo Ardoino has announced the goals of increasing technology investments and focusing on renewable energy to maintain and enhance the strength of the leading stablecoin USDT. The return of significant amounts of Tether to exchanges has also been perceived as a positive signal among crypto investors.

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