Share this article
New Auditor for Stablecoin Issuer Tether Confirms Slashing of Commercial Paper Holdings
BDO Italia said the holdings fell 58% to $8.5 billion at the end of the most recent quarter.
Updated May 11, 2023, 4:16 p.m. Published Aug 19, 2022, 12:55 p.m.
Make us preferred on Google
In this article
BDO Italia has reaffirmed stablecoin issuer Tether's consolidated reserves report that showed a 58% quarterly decline in commercial paper holdings to $8.5 billion as of June 30.
- Tether also confirmed its expectation that commercial papers will be down to $200 million by the end of August and zero before the end of the year.
- Tether on Thursday announced BDO Italia is taking over its regular attestation reports and said the statements will be published each month rather than once per quarter as it had done before.
- The BDO report considers Tether's holdings on June 30, confirming at that time Tether had $66.4 billion in assets, with $28.8 billion in Treasury bills, $6.8 billion in money-market funds, $5.4 billion in cash and some other modest holdings in addition to the $8.5 billion in commercial paper.
- “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 Chief Technology Officer Paolo Ardoino wrote on the company's website.
Read more: Tether Reduces Commercial Paper Holdings Almost 60% as It Tackles Quality Concerns
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Michael Saylor's Strategy catches a break from MSCI, but analysts caution fight isn’t over yet
MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table
What to know:
- Shares of Strategy rose 6% after MSCI decided not to exclude digital asset treasury firms from its indexes.
- The decision alleviates immediate pressure on companies holding large amounts of bitcoin but not directly operating in the blockchain sector.
- Analysts caution that the situation may not be resolved, as future MSCI rule changes could still impact firms like Strategy.
Top Stories
