Tether, the issuer of the stablecoin Tether (USDT), has announced plans to provide real-time updates of its reserve data. Paolo Ardoino, Tether's chief technical officer and upcoming CEO, revealed that the company intends to start publishing reserve data in real time by 2024. However, Tether later clarified that there is no set deadline for achieving this goal. Currently, Tether publishes and updates its reserves data at least once per day and releases monthly reserve reports and conducts quarterly reserve reviews. The move to real-time reporting aims to enhance transparency and address concerns regarding the backing of Tether's stablecoin. Despite the cryptocurrency market experiencing downturns, Tether has continued to grow, with its assets increasing by 5.7% to reach $86.5 billion in Q2. The company also reported over $1 billion in operational profit and has seen a surge in stablecoin lending. Tether's Q2 attestation revealed an increase of $850 million in excess reserves and disclosed approximately $72 billion in indirect exposure to United States Treasuries. In August, PayPal announced the upcoming launch of its PYUSD stablecoin, potentially shaking up the stablecoin market. However, some believe that PayPal's stablecoin won't achieve significant adoption, especially outside the United States.
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