Tether (USDT) US Treasury bonds make up 58.1% of its reserves, CTO Paolo Ardoino said on Monday.
Tether (USDT) Reports That It Has Managed To Bring The Amount Of Commercial Paper It Holds In Its Reserve To Under $50 Million
Throughout 2022, Tether has repeatedly stated that it plans to improve the quality of its reserves by reducing the amount of commercial paper it holds in its reserves. Ardoino tweeted that as of September 30, he had reduced his commercial paper assets to less than $50 million.
— Paolo Ardoino 🕳🥊 (@paoloardoino) October 3, 2022
Tether’s US Treasury bond holdings rose more than 14% from June 30 to last Friday.
Tether previously shared its plans to reduce its commercial paper holdings in the wake of the Terra crisis in May and announced that it had $19.9 billion in commercial paper assets at the time.
This amount was down more than 58% by August 19, when Tether’s statements showed $8.5 billion in commercial paper assets.
Last Thursday, Binance converted all existing balances and new deposits of USDC, USDP and TUSD stablecoins into its own stablecoin, BUSD. In addition, major majors such as BTC and ETH, as well as BUSD and Tether (USDT) cryptocurrency has terminated the trading pairs for these three stablecoins.
JPMorgan analysts believe that Binance’s move will benefit Tether. “In our view, this decision is likely to support the importance of Tether in the stablecoin universe that is threatened by USDC,” they wrote in a research note Wednesday.
As it is known, Tether can be used on 11 different Blockchains. This number was recorded as 8 in the USDC ecosystem. In addition, USDT’s trading volume is also much higher than USDC or even Bitcoin and Ethereum.
*Not investment advice.
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