Tether Cuts Its Commercial Paper Holding To Less Than $50 Million

Tether, a stablecoin issuer, has decreased its holding of commercial paper to less than $50 million, according to a tweet from Tether CTO Paolo Ardoino. U.S. Treasury bonds made up 58.1% of the company’s overall portfolio as of September 30 compared to 43.5% as of June 30. #tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.CP exposure is < 50M now.@Tether_to — Paolo Ardoino 🕳🥊 (@paoloardoino) October 3, 2022 Tether Commercial Paper Holding Commercial papers are short-term unsecured financial obligations issued by businesses, and their value is based on the issuing company. Commercial papers are less stable than other debt securities, such as U.S. government treasuries. Due to mounting worries about the safety of its ecosystem and its stablecoin USDT, Tether had earlier declared that it would reduce its holdings of commercial paper to zero by the end of the year. Commercial papers that the corporation possessed in May totaled $20.1 billion, but by June 30, they had dropped to $8.5 billion. The USDT issuer hired BDO Italia as a new auditor to handle its routine attestation reports. A New York court judge recently gave the company the go-ahead to provide financial data about the support of USDT. Ordered to Produce Documents Showing Backing of USDT As part of a complaint that claimed Tether colluded to release the stablecoin to raise the price of Bitco...