stablecoin issuer Tether (USDT) removed commercial paper from its reserves and expanded its direct position in U.S. Treasuries in the last quarter. 10 billion He said he raised more than a dollar.
Tether to Replace (USDT) Commercial Papers with US Treasury Bill Reserves
The company said in a series of tweets that this move has wiped out more than $30 billion in trading securities without any losses.
throughout the year 2022 Tether (USDT) He has repeatedly stated that he plans to increase the quality of his reserves by reducing the amount of commercial papers he holds in his reserves.
“This is proof of our commitment to support our tokens with the safest, liquid reserves on the market,” Tether wrote in a tweet.
BREAKING: Tether is proud to announce that we have completely eliminated commercial paper from our reserves. This is evidence of our commitment to back our tokens with the most secure, liquid reserves in the market. (1/3)https://t.co/zBa9jRe7so
— Tether (@Tether_to) October 13, 2022
Tether has said for months that it plans to improve the quality of its reserves, in part by reducing the amount of commercial paper it holds.
This move comes months after its May crisis, when the algorithmic stablecoin TerraUSD crashed.
Tether claims its tokens are pegged one-to-one with a matching fiat currency and are backed by the company’s reserves.
Tether previously shared its plans to reduce its commercial note holdings following the Terra crisis in May and announced that it had $19.9 billion in commercial note assets at that time.
This amount was down more than 58% by August 19, when Tether’s statements showed $8.5 billion in commercial paper assets.
Tether can also be used on 11 different blockchains. In addition, USDT’s trading volume is even higher than Bitcoin and Ethereum.
Tether’s circulating supply has increased by more than $2 billion since the beginning of July. Tether’s dominance in the stablecoin market also rose to a three-month high of 45.9%.
*Not investment advice.
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