Tether Posts 58% Decrease in Commercial Paper Holdings

Tether Will No Longer Freeze Tornado Cash Addresses
  • Tether highlighted that their entire assets were more than their total liabilities.
  • Tether’s commercial paper holdings have decreased by more than 57.5 percent.

Tether, the provider of the most popular stablecoin (USDT), has released its most recent quarterly attestation report on the token’s reserves. In principle, investors in the USDT stablecoin may convert their holdings into U.S. dollars at any moment, assuming the corporation has the funds on hand to do so.

With $67.5 billion in market value, USDT is the third-largest cryptocurrency behind Bitcoin and Ethereum; it’s no surprise, however, that Tether’s reserves have been under persistent scrutiny.

Exposure to Commercial Paper

Tether’s new accounting firm, BDO Italia, has released an independent report detailing the company’s assets as of June 30, 2022, claiming they are worth at least $ 66,409,619,424. Tether highlighted that their entire assets were more than their total liabilities of $66,218,725,778.

Paolo Ardoino, CTO of Tether, said in a statement:

“We are fully committed to maintaining our role as the leading stablecoin in the market. The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy.”

Tether’s commercial paper holdings have decreased by more than 57.5 percent from $20 billion to $8.5 billion, as stated by the report. This, according to Tether, is in line with the company’s goal of reducing its exposure to commercial paper to $200 million by the end of August 2022 and to zero by the end of the year. Cash and bank deposits were up 32% for the firm throughout the reporting period, as well, according to the report.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.