Tether (USDT) Released Latest Report! Major Change in Reserves!

After the collapse in UST, eyes were turned to other stablecoins. Concerns about Tether, which has an important place in the crypto money markets, started to increase.

Tether has recently released its quarterly reserve report.

In the report, it was stated that all USDTs printed by Tether are supported.

As you know, Tether does not support all USDTs directly with dollars. Instead, they hold commercial promissory notes and bonds.

In the last report, it was stated that a significant reduction was made in commercial papers in reserves and US treasury bills were purchased.

The following statements were used in the report on reserves audited by independent accountant MHA Cayman:

“As of March 31, 2022

Consolidated total assets amount to at least USD 82,424,821,101.

As such, its consolidated assets exceed its consolidated liabilities.

The consolidated group’s reserves for issued digital tokens exceed the amount required to use issued digital tokens.

It shows the group’s investments in money market funds and U.S. treasury bonds rose more than 13% from $34.5 billion to $39.2 billion. In addition, the average grade of commercial paper and certificates of deposit increased from A-2 to A-1. Secured loans also decreased by $1 billion.”

According to the report, there was a 17% decrease in commercial papers in reserves.

Tether CTO Paolo Ardoino said:

“What happened last week is a clear example of Tether’s strength and resilience. Tether has remained stable through multiple black swan events and highly volatile market conditions and has never failed to honor any of its verified clients’ refund requests, even in its darkest days.”

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