According to Tether’s new boss, the firm plans to bring the long-awaited update in the coming year.
Stablecoin issuer Tether is set to start publishing real-time data on its reserves, a question that has been bothering the crypto community for years.
In an interview with Bloomberg, Paolo Ardoino, Tether’s newly appointed chief executive, said the firm plans to disclose its reserves in 2024. However, no specific date was mentioned.
Ardoino added that Tether wants to double down on tech investment and is talking with regulators about expanding into the renewable energy business.
In mid-September 2023, Tether launched the testing phase for Moria, the company’s Bitcoin mining platform based on a system with a peer-to-peer (P2P) approach. As crypto.news reported, Moria is constructed on Tether’s proprietary Holepunch technology to change the communication within the Bitcoin mining ecosystem.
Moria is designed to be highly resistant to potential attacks and cost-effective by seeking to facilitate secure and resilient interactions among its components. It is unclear if Tether’s renewable energy efforts are somehow related to its mining business.
According to Tether’s recent update on its reserves, the firm is holding 85.05% in cash, its equivalents, and other short-term deposits, 6.36% in secured loans, 3.78% in precious metals, 2.73% in other investments, 1.94% in Bitcoin (BTC) and 0.13% in corporate bonds.
Tether’s push for more transparency comes shortly after the firm named Paolo Ardoino as its new chief executive officer. In this role, Ardoino replaced Jean-Louis van der Velde, who transitioned to an advisory role for Tether.