Tether reports 17% decrease in commercial paper holdings over Q1 2022
“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....
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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....
Tether reports that its total commercial paper exposure has been cut to $3.7 billion from $30 billion just one year ago. Major stablecoin issuer Tether has reiterated that the company plans to completely rid itself of commercial paper backing for its U.S.-dollar stablecoin USDT.In a blog post on Wednesday, Tether said it “holds no Chinese commercial paper as of today,” while its total commercial paper exposure has been cut to $3.7 billion from $30 billion one year ago.By late August 2022, Tether said it plans to decrease commercial paper exposure to as low as $200 million, targeting zero....
On October 13, 2022, Tether Holdings Limited announced that the stablecoin issuer has reduced the company’s commercial paper holdings down to zero. The company has said it would reach this goal for a while now, and Tether says that shrinking commercial paper holdings down to zero “demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market.” Tether Axes $30 Billion Worth of Commercial Paper Holdings, Firm Leverages US T-Bills Instead The company behind the largest stablecoin by market capitalization, Tether, has revealed....
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....
Tether expects to reduce USDT’s commercial paper backing to $8.4 billion by the end of June 2022 and eventually completely remove it. The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT).Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount.The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of....