Facing the growing demand for transparency in the cryptocurrency space, Tether, a leading stablecoin issuer, has unveiled its plans to publish real-time data on the reserves backing USDT by 2024. This move ensures users and investors have a direct view of the financial stability of the world’s largest dollar-backed stablecoin. This crucial step was announced following Tether’s latest quarterly attestation, which highlighted a significant surplus of $3.3 billion in reserves.
From Controversies to Dominant Presence in the Market
Setting itself apart from past challenges, Tether has strategically converted its controversial commercial paper assets into US Treasury bonds, currently holding a substantial sum of $72.5 billion. Such transitions are likely aimed at alleviating concerns, considering the $42.5 million fine Tether received in 2021 from the Commodity Futures Trading Commission (CFTC). The fine was based on allegations regarding the support of USDT during a specific period between 2016 and 2018.
Tether’s growth trajectory following these events has been impressive. With a market capitalization touching $83.9 billion and daily trading volumes often exceeding $30 billion, it showcases its resilience and market confidence. Furthermore, the recent executive reshuffle with Paolo Ardoino promoted to the CEO position signals a new strategic direction for the company, with former CEO Jean-Louis van der Velde transitioning to an advisory role.
