Tether slashes commercial paper by 21% in latest reserves attestation
Tether’s cash and bank deposits also dropped 42% to 4.187 billion, while its allocation to money market funds increased 200% to $3 billion, and its treasury bills grew 77.6% to $34.52 billion. USDT stablecoin issuer Tether cut its reserves allocation to commercial paper by more than one fifth between September and December last year, dropping from around $30.5 billion to $24.16 billion. Tether is legally required to disclose its reserves every quarter as part of an $18.5 million court settlement with the Office of the New York Attorney General from February 2021. The firm was alleged to....
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On Monday, the chief technology officer of Tether Holdings Limited, Paolo Ardoino, explained that U.S. Treasury bills represent more than 58% of the company’s reserves. The announcement follows Tether hiring the accounting firm BDO Italia and the stablecoin issuer’s quarterly attestation, which had shown a decrease in commercial paper holdings.
Tether’s Commercial Paper Holdings Shrank to Less Than $50 Million
According to Tether’s CTO, U.S. Treasuries account for a large fraction of the company’s USDT reserves. Tether’s CTO Paolo....
“This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative and liquid," said Paolo Ardoino. USDT Stablecoin issuer Tether has reported it cut its reserves allocation to commercial paper investments and increased that of United States Treasury bills over the first quarter of 2022.In a Thursday blog post, Tether reported its reserves were “fully backed,” seemingly in an effort to assuage many users’ fears around USDT briefly depegging from the dollar on May 12. According to the stablecoin issuer, its commercial....
The USDT issuer had total assets of $68.06 billion at the end of the third quarter, exceeding its total liabilities of $67.8 billion. Stablecoin issuer Tether Holdings Limited published its latest quarterly attestation on Nov. 10, highlighting the “extremely liquid” nature of its assets at a time when crypto markets were reeling from news of FTX’s apparent insolvency. Eighty-two percent of Tether’s reserves were held in cash, cash equivalents and other short-term deposits as of Sept. 30, 2022, the company disclosed in its quarterly attestation report. Tether’s exposure to commercial paper....
Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by the USD. Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022.Tether CTO Paolo Ardoino made the announcement in an Oct. 3 tweet, adding also that Tether’s United States Treasury bills increased to 58.1% of its total portfolio, up 25.1% from its Jun. 30 figure of 43.5%.#tether portfolio update.....
An independent review from the accounting firm BDO reported that the stablecoin issuer's total assets exceed its consolidated liabilities. An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation about the company’s previous quarter's performance. The reviewer, top accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022. Tether had previously announced a commitment to decreasing its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease in commercial paper exposure since the....