Tether’s New CEO, Paolo Ardoino, Announces Enhanced Transparency

Tether’s new leader has announced plans for an anticipated update next year.

The company responsible for the stablecoin Tether will soon share live data about its reserves, addressing longstanding concerns from the cryptocurrency world.

In a conversation with Bloomberg, Tether’s freshly inaugurated CEO, Paolo Ardoino, mentioned intentions to unveil the firm’s reserves in 2024, though he didn’t specify when.

Ardoino also emphasized Tether’s goal to increase investments in technology. Additionally, he revealed discussions with regulatory bodies about Tether entering the green energy sector.

Recently, in September 2023, Tether began the trial stage of Moria, a Bitcoin mining platform operating on a peer-to-peer model. Built on Tether’s unique Holepunch tech, Moria aims to transform the way communication occurs in the Bitcoin mining world. Designed for enhanced security and cost efficiency, Moria focuses on ensuring stable and resilient communication between its elements. It remains uncertain whether Tether’s green energy aspirations are linked to this mining initiative.

As per the latest information from Tether regarding its reserves, the company has 85.05% in cash and similar assets, 6.36% in backed loans, 3.78% in precious metals, 2.73% in diverse investments, 1.94% in Bitcoin, and 0.13% in company bonds.

This move towards greater transparency by Tether follows the appointment of Paolo Ardoino as its CEO, succeeding Jean-Louis van der Velde, who now serves as an advisor to the company.

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