Crypto Blog
Following an unexpected change in leadership, Tether seems to be charting an ambitious course for USDT.
Despite facing substantial criticism regarding the perceived opacity of its reserve composition backing the stablecoin, with Paolo Ardoino taking over the role of CEO, Tether is actively working towards enhancing transparency.Among other plans, Tether intends to start publishing data on its reserves in real time in 2024, according to Ardoino, whoas the CEO of the company, which subsequently marked the transition of previous executive Jean-Louis van der Velde into an advisory role.
Tether had previously incurred a $42.5 million fine from the Commodity Futures Trading Commission in 2021, stemming from allegations that USDT was not completely backed during a significant portion of a 26-month period from 2016 to 2018. Despite the regulatory pushback and the controversies surrounding its backing, USDT remains the top stablecoin in the market. In fact, its market cap spiked to $84 billion this week, representing a whopping 27% increase since the beginning of the year despite the lack of proper momentum in the broader crypto market.
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