According to a report from Bloomberg, Tether, the issuer of the largest dollar-pegged stablecoin in the industry, USDT, is actively working on the implementation of real-time data disclosure concerning the reserves that back its stablecoin. The firm mentioned to Bloomberg that it hasn’t set a specific deadline for achieving this real-time data reporting objective.

In their most recent quarterly attestation, Tether reported having $3.3 billion in surplus reserves, acquired as part of their conversion from controversial commercial paper into U.S. Treasuries. Their U.S. Treasuries holdings were valued at $72.5 billion.

In 2021, the firm incurred a $42.5 million fine from the Commodity Futures Trading Commission (CFTC) due to allegations that USDT wasn’t fully backed for a significant portion of a 26-month period from 2016 to 2018. Despite this setback, Tether has witnessed substantial growth, amassing a market capitalization of $83.9 billion, consistently achieving more than $30 billion in daily trading volume, as reported by CoinMarketCap.

Recently, the company promoted Paolo Ardoino, formerly the Chief Technology Officer (CTO), to the position of CEO, while the previous executive, Jean-Louis van der Velde, transitioned into an advisory role. Ardoino expressed his vision for Tether as a “tech powerhouse” with the potential to “reshape the future of finance.”