Tether completely removes commercial paper from reserves
The company noted that the assets were replaced with US Treasury bills
14.10.2022 - 10:50
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What’s new? Tether, the issuer of the USDT stablecoin, has completely removed its commercial paper from its reserves, replacing it with US Treasury bills. This came after months of gradually reducing the volume of commercial debt holdings for its reserve assets.
What else does the blog say? The company said that the reduction of commercial paper to zero demonstrates Tether’s commitment to providing its stablecoins with the most reliable reserves on the market. “This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry,” they added.
What is known about Tether? It is the largest issuer of stablecoins in the cryptocurrency market. The centralized stablecoin USDT, which is pegged to the US dollar, ranks third in the overall cryptocurrency ranking with a capitalization of $68,5 billion, according to aggregator CoinGecko as of October 14.
In September, representatives of Tether agreed to provide the New York court with financial records relating to the backing of the USDT stablecoin. The company called the procedure “a routine,” and stressed that complying with the court’s requirements does not substantiate the plaintiffs’ unfounded claims against the company.
Tether blacklisted three addresses and froze USDT on them for a total of $8,24 million between October 10 and 11. The company did not explain who owns these addresses and the reason for the freezing of funds.
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