Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Tether’s commercial paper exposure is now below $50 million, according to CTO

Stablecoin issuer Tether (USDT) has almost completely reduced its commercial paper holdings to less than $50 million as of September 30, 2022.

Tether CTO Paolo Ardoino made the announcement in a tweet on Oct. 3, noting that Tether’s U.S. Treasury securities increased to 58.1% of the total portfolio, up 25.1% from 43.5% on June 30. also added.

Commercial paper is short-term debt securities issued by companies, often used to finance various business operations. Treasury bills, on the other hand, are claimed to be more stable than commercial paper because they have “zero default risk” as investors are guaranteed at least a recovery. Purchase price.

In June, Tether said it aimed to reduce USDT’s commercial paper backing to “zero,” with the aim of increasing the stability of the ecosystem and the USDT stablecoin by issuing short-term US Treasury bills. has moved to

Stablecoin issuers are also looking to make their dollar reserves and backings more transparent.

In July, the company appointed European accounting firm BDO Italia as its new auditor, splitting its stablecoin reserves into an independent entity to improve transparency and disclose audit and attestation reports more regularly. I reviewed it.

Last month, Tether was ordered by the U.S. District Court in New York to provide documentation proving that the USDT stablecoin was backed 1:1 in US dollars on September 19th.

For more information on when the Tether transparency report will be updated, visit the Arduino Said Deadlines typically take 45 days, but now we expect our new auditors to improve this process and shorten that timeline.

Related: Tether Aims to Zero USDT Commercial Paper Backing

Tether’s plan to reduce all of its commercial paper holdings by the end of 2022 is on track, with the company increasing its reserves from 20 billion units in Q1 2022 to 8.4 billion units in Q2 2022. are reducing.

USDT is currently the largest stablecoin, with a market capitalization of $67.95 billion, the third highest among all digital assets, according to data from CoinGecko.