Stablecoin issuer Tether is working towards publishing real-time data on the reserves backing USDT in coming years, the industry's largest dollar-pegged stablecoin, according to a Bloomberg report.

The firm told Bloomberg that it doesn't have any hard-and-fast deadline to achieve its real-time data reporting goal.

In its latest quarterly attestation, Tether had $3.3 billion in excess reserves as it converted its pile of controversial commercial paper for U.S. Treasuries, of which it held $72.5 billion worth.

The firm received a $42.5 million fine from The Commodity Futures Trading Commission (CFTC) in 2021 on allegations that USDT was not fully backed for the majority of a 26-month period between 2016 and 2018.

Tether has since ballooned in size, commanding a market capitalization of $83.9 billion that regularly surpasses $30 billion in daily trade volume, according to CoinMarketCap.

The company promoted Paolo Ardoino, previously CTO, to CEO last week with previous executive Jean-Louis van der Velde transitioning into and advisory role.

Ardoino said that he views Tether as a "tech powerhouse" that will "reshape the future of finance."

UPDATE (Oct. 21, 3:06 UTC): Updates to remove the 2024 timeline throughout the story.

Tether Stablecoin Reserve

Oliver Knight

Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.