Stablecoin issuer Tether is planning to release real-time reserves reports by next year, according to its incoming CEO Paolo Ardoino.
Ardoino, who will become the firm’s CEO in December of this year, tells Bloomberg that the company is looking to begin publishing real-time proof-of-reserves sometime over the next year, though Tether itself says there is no “hard-and-fast” deadline for the plans.
Tether already provides daily reserves reports on its website. At time of publishing, Tether’s data reports that it has $84.15 billion in USDT, its US dollar-backed crypto asset which is the biggest stablecoin on the market.
Ardoino also says his goals for Tether moving into next year include increasing tech investments, talking to regulators and expanding into renewable energy.
USDT does more trading volume than any other crypto asset by a long shot, even Bitcoin (BTC).
Last week, blockchain analytics platform Santiment said that huge amounts of stablecoin Tether are returning to crypto exchanges, which is often a bullish signal.
The analytics platform said that the amount of USDT on exchanges has reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.
“The $9.99 billion worth of Tether sitting on exchanges is the highest level of buying power for crypto’s top stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available USDT.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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