Paolo Ardoino, CEO of Tether, revealed in an interview with Bloomberg this Thursday that the company plans to publish real-time reserve information, although there is no specific date yet according to official sources told Crypto-Economy.
Tether is the largest stablecoin in the industry, boasting a market capitalization of $83.9 billion and consistently exceeding a trading volume of around $30 billion, according to CoinMarketCap.
Tether’s digital token (USDT) now represents 70% of the stablecoin market, making it a crucial asset in investors’ portfolios for both trading and wealth preservation.
In its latest report, Tether stated that it has a surplus of $3.3 billion in its reserves and has generated controversy due to the $72.5 billion it holds in U.S. Treasury bonds.
The company’s frontman has faced public scrutiny on several occasions. Tether has been criticized for a lack of transparency in its operations, particularly in the backing of its digital token.
In 2021, it paid over $40 million to settle a complaint by a U.S. regulatory agency that accused Tether of lying about its collateral pile, causing public scrutiny regarding the company’s reliability. It was also criticized for its reliance on commercial paper and accused of lacking liquidity.
Big changes for tether, More confidence
This is why they made the decision to publish real-time reserve information to strengthen their position and public image. According to Ardoino, this is one of several goals they have set. They have big plans for Tether, from significant investments in technology and renewable energy to more open dialogues with regulators.
Currently based in the British Virgin Islands, Tether lacks public offices, and its structure is largely unknown. They have around 60 employees monitoring USDT transactions, although Ardoino emphasized plans to increase that number to 60 by the end of this year.
Riyad Carey, an analyst at Keiko, stated,
“Tether is absolutely critical to the industry and represents the vast majority of trading volume on centralized exchanges. It’s hard to even imagine what the market would look like if there were a USDT shutdown.”