Tether to publish reserve reports in real time in 2024: Bloomberg
Tether Holdings, the issuer of the world’s largest stablecoin by market capitalization, Tether (USDT), is reportedly preparing to update the frequency of releasing its reserve data reports.
Paolo Ardoino, Tether’s chief technology officer and incoming CEO, disclosed that the firm plans to publish reserve data in real-time in 2024, Bloomberg reported on Oct. 20.
Tether did not immediately respond to Cointelegraph’s request for comment.
According to the Tether transparency page, the stablecoin issuer currently publishes and updates its reserves data at least once per day. Tether also issues monthly reserve reports in addition to quarterly reserve reviews.
Despite many cryptocurrency markets seeing some slump in 2023, the USDT issuing company has gained momentum over the past year. According to Tether’s Q2 update, the company’s assets rose 5.7% to $86.5 billion. The firm made more than $1 billion in “operational profit,” which is a 30% increase from the previous quarter.
Tether has also seen a increase in its stablecoin lending in 2023, which came despite the firm having cut such loans down to zero in December 2022.
Related: Tether stablecoin loans rise in 2023 despite downsizing announcement in 2022
According to Tether’s Q2 attestation from accounting firm BDO, the firm increased its excess reserves by $850 million, bringing total excess reserves to $3.3 billion. The company also disclosed that it had $72 billion worth of indirect exposure to United States Treasurys held by money market funds, as well as U.S. Treasurys collateralizing its overnight repo.
Magazine: Beyond crypto: Zero-knowledge proofs show potential from voting to finance
MP Rupert Lowe alerted the coastguard to potential migrants on a boat – who turned out to be a charity rowing crew.
The independent Great Yarmouth MP posted a picture on social media on Thursday night of a boat near some wind turbines off the Norfolk Coast, saying he had alerted the authorities.
He wrote dinghies were coming into Great Yarmouth, “RIGHT NOW”.
“If these are illegal migrants, I will be using every tool at my disposal to ensure those individuals are deported,” he added.
Politics latest: Lammy to meet US vice president in UK
But the “dinghy” was actually an ocean rowing boat crewed by ROW4MND, a team of four attempting to row from Land’s End to John O’Groats for motor neurone disease research.
Rupert Lowe MP. Pic: PA
Mr Lowe, who was suspended from Reform UK in March, posted on Friday morning that it was a “false alarm” and was a boat of charity rowers, “thank goodness”.
He said he would donate £1,000 to their charity “as a well done” – but warned people to “watch out for any real illegal migrants”.
“We received a huge number of urgent complaints from constituents – I make no apologies over being vigilant for my constituents. It is a national crisis,” he wrote.
“No mass deportations for the charity rowers, but we definitely need it for the illegal migrants!”
The ROW4MND crew were passing Great Yarmouth on their way to John O’Groats. Pic: PA
Police wanted to send a boat to check
It is the first of four gruelling rows the crew will take over four years in an attempt to raise £57m for motor neurone disease research, inspired by the deaths of rugby players Rob Burrow and Doddie Weir from the condition.
Matthew Parker, Mike Bates, Aaron Kneebone and Liz Wardley said the coastguard initially contacted them and asked if they could see a dinghy nearby.
Ex-Royal Marine Mr Bates, a British record holder for rowing across the Atlantic solo, said it soon became clear the coastguard was asking about their boat.
“I looked to my right and there was maybe a dozen individuals stood on the shoreline staring at us,” he told the PA news agency.
After the coastguard accepted they were not carrying migrants, they rowed on through the night but hours later were contacted again by the coastguard because the police had “asked if they could send a lifeboat out to check who we were”.
The crew leaving Newlyn Harbour in Cornwall last week after starting their challenge again. Pic: PA
‘I’ve not been mistaken for a migrant before’
A friend then forwarded Mr Lowe’s post, which Mr Bates said was “a moment of light relief”.
“We found it hilarious. I’ve not been mistaken for a migrant before,” he said.
“The best comment was the one asking where the Royal Navy were when you need them. I’m a former Royal Marine, so the Royal Navy were on the boat.
“But it was almost like a vigilante-style, people following us down the beach.
“They hadn’t twigged that we were parallel to the shore for hours and not trying to land.”
Read more:
Is Corbyn’s comeback a headache for Starmer – or a red herring?
Gruelling four-year challenge
The crew set off from Land’s End on 25 July, heading north, but bad weather forced them to stop, and they decided to return to Land’s End and start again, heading anticlockwise around the UK.
Next year, the team is hoping to row from John O’Groats to Land’s End, then from California to Hawaii in 2027 and New York to London in 2028.
Mr Bates said: “We’re rowing for hope, we’re rowing to find a cure, and hopefully we’ll raise £57m – we certainly will if MPs keep talking about us. Maybe Rupert will give us a donation.”
Tornado Cash developer Roman Storm’s conviction misapplies money transmitter laws, crypto industry group says.
Chinese regulators ordered local firms to halt seminars and research on stablecoins, citing concerns over potential fraud and herd-driven speculation.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike