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Tether: $3.3 billion in excess reserves as of end of Q2

Tether, the stablecoin issuer, is committed to releasing real-time data on reserves supporting USDT in the coming years. Tether has set no hard deadline for achieving this real-time data reporting goal. In the latest quarterly proof, Tether had excess reserves of $3.3 billion as it converted a large number of controversial commercial bills into US government bonds worth $72.5 billion. Tether received a $42.5 million fine from the Commodity Futures Trading Commission (CFTC) in 2021 because USDT was not fully supported for most of the 26 months from 2016 to 2018. According to CoinMarketCap data, since then, Tether's scale has continued to expand, with a market capitalization of $83.9 billion and a daily trading volume often exceeding $30 billion. Last week, the company promoted former CTO Paolo Ardoino to CEO and former executive Jean-Louis van der Velde to an advisory role. Ardoino said he sees Tether as a "tech giant" that will "reshape the future of finance."

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