Crypto:
29881
Bitcoin:
$68.520
% 0.84
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.520
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Tether’s 2024 Transparency Path!

Tether's 2024 Transparency Path!

Tether’s 2024 transparency path! Tether has announced its commitment to provide real-time data about reserves backing the most widely used stablecoin in the crypto industry, additionally the USDT token, marking Tether’s 2024 Transparency Path!

In relation to transparency in 2024, Tether made this decision to alleviate past concerns and increase transparency. In its latest quarterly statement, Tether’s reserves reported a $3.3 billion surplus. This surplus allowed Tether to accumulate a significant value of $81.83 billion by switching from controversial commercial paper assets to US Treasury bonds.

 

Tether's 2024 Transparency Path!

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The company faced regulatory challenges in the past, encountering a $42.5 million fine from the Commodity Futures Trading Commission (CFTC) in 2021. Also the CFTC had claimed that USDT didn’t provide the necessary backing over a 26-month period from 2016 to 2018. Despite these hurdles, Tether experienced rapid growth and currently has a market value of $83.9 billion. Also according to reports from CoinMarketCap, this figure is consistently supported by a strong daily trading volume exceeding $30 billion.

In a recent management change, Paolo Ardoino was promoted from his position as Chief Technology Officer to Chief Executive Officer. Jean-Louis van der Velde, the former executive, transitioned into a consulting role within the company during the same period.

Current Reserve Situation

Tether, which has a $3.4 billion reserve held in gold or other precious metals, has classified an investment of $2 billion in other categories and holds $1.5 billion in Bitcoin. The amount of cash and bank deposits in the reserves of USDT is at the $481 million level.


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