Say goodbye to commercial paper and hello to T-Bills. Tether is shifting its balances. (Reporting via forgeforth_)
Stablecoin issuer Tether Holdings Limited has unwound its exposure to commercial paper, addressing a long-standing item of contention among detractors who’ve criticized the quality of its reserves.
In addition to removing commercial paper from its reserves, Tether announced on Oct. 13 that it had replaced those investments with United States Treasury Bills. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market,” the companyFrom roughly $30 billion down to zero, Tether has replaced its commercial paper holdings with more secure U.S. T-Bills. Source: Tether.
While Tether has long been subjected to public scrutiny about its reserves detractors have focused on the composition of its assets for the past year. Namely, in October 2021 Bloomberg that Tether may have oversized exposure to Chinese commercial paper at a time when one of the country’s largest property developers, China Evergrande Group, was on the verge of collapse.and the Tether team stay true to their words. Paolo said CP exposure will be zero by October month end. Done. It’s exciting to see asset reserve CP exposure go to zero. It gives Tether a strong basis to harness even more adoption for the coming decade.
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