Overview

Click to expand overview
Stablecoin giant Tether has announced that it has eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills). The Insider information on Tether’s reserve revealed that as of Sept. 30, the shadlecoin issuer had increased its U.S. Treasury bills to 58.1% of its reserves while reducing Stablecoin issuer Tether has cut its commercial paper holdings to less than $50 million, Tether Chief Technology Officer Paolo Ardoino said in a tweet. On July 1, the Company shared an update on its progress in further reducing its commercial paper portfolio to a low of $3.5B, which was on track with Tether's commitment Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even The largest stablecoin in the crypto market, Tether [USDT] has been making news for an array of reasons lately. Sadly it wasn't all. Stablecoin issuer Tether has practically fully slashed its business paper holdings, with lower than $50 million price of business paper models as of Sept. 30

Tether Slashes Commercial Paper Holding Below $50M, Reaching Zero by 2023

Stablecoin giant Tether [USDT] has achieved a significant milestone in bolstering its reserve transparency and security. Tether has announced that it has eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills). This move reinforces its commitment to backing its tokens with the most secure reserves in the market.

Insider information on Tether’s reserve revealed that as of Sept. 30, the stablecoin issuer had increased its U.S. Treasury bills to 58.1% of its reserves while reducing its commercial paper holdings dramatically. Stablecoin issuer Tether has practically fully slashed its business paper holdings, with lower than $50 million price of business paper models as of Sept. 30.

Tether Chief Technology Officer Paolo Ardoino announced in a tweet that Tether has cut its commercial paper holdings to less than $50 million. This follows an earlier update from July 1, where the Company shared its progress in further reducing its commercial paper portfolio to a low of $3.5B. This reduction was on track with Tether's commitment to ultimately eliminate commercial paper from its holdings.

Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and stability for USDT holders. The largest stablecoin in the crypto market, Tether [USDT] has been making news for an array of reasons lately. Eliminating commercial paper is a positive development aimed at addressing past concerns about the composition of Tether's reserves.

The shift to U.S. Treasury Bills reflects a focus on safer, more liquid assets, which can improve confidence in Tether's ability to maintain its peg to the US dollar. This is a crucial step in maintaining trust within the cryptocurrency ecosystem.

Top Sources

Related Articles