October 23, 2023

Tether's Incoming CEO Paolo Ardoino Aims for Real-Time Reserves Reporting by Next Year: Report

Tether, the stablecoin issuer, is planning to introduce real-time reserve reports next year, as stated by the incoming CEO, Paolo Ardoino.

Paolo Ardoino, set to assume the position of CEO in December this year, revealed to Bloomberg that Tether is actively working on a plan to publish real-time proof-of-reserves, though the company emphasizes that there is no rigid deadline for this initiative.

Tether already provides daily reserve reports on its official website. As of the current moment, Tether's data indicates holdings of $84.24 billion in USDT, the largest USD-backed cryptocurrency in the market.

Ardoino also shares his objectives for Tether in the coming year, which include increasing technological investments, engaging with regulators, and expanding into renewable energy ventures.

USDT outpaces all other cryptocurrencies in trading volume by a significant margin, surpassing even bitcoin (BTC).

Recently, blockchain analytics platform Santiment reported a substantial influx of Tether stablecoins back into cryptocurrency exchanges, which is often considered a positive market indicator. The platform noted that the amount of USDT on exchanges has reached levels last observed in March 2023, potentially bolstering the purchasing power of crypto investors.

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