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Stablecoin Issuer Tether Increases US Treasury Portfolio, Cuts Commercial Paper Holdings to Below $50M
The firm had said it plans to bring its commercial paper holdings to zero by the end of the year.
Updated May 9, 2023, 3:58 a.m. Published Oct 3, 2022, 10:37 a.m.
Stablecoin issuer Tether has cut its commercial paper holdings to less than $50 million, Tether Chief Technology Officer Paolo Ardoino said in a tweet.
As of Sept. 30, the company increased its U.S. Treasury holdings to 58.1% of its total portfolio from 43.5% of its total portfolio as of June 30.
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Commercial paper is short-term unsecured debt issued by companies, where the value of the paper is dependent on the issuing company. Commercial paper is less stable than other debt instruments, such as U.S. Treasury bonds.
Tether had earlier said that it will bring its commercial paper holdings to zero by the end of the year because of growing concerns over the stability of the Tether ecosystem and its stablecoin, USDT.
In May, the company held $20.1 billion in commercial paper, which it reduced to $8.5 billion by June 30.
The USDT issuer also appointed a new auditor, BDO Italia, to take over its regular attestation reports. Recently, the firm was ordered by a New York-court judge to produce financial records relating to the backing of USDT.
Read more: Stablecoin Issuer Tether Ordered to Produce Documents Showing Backing of USDT
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