cryptocurrency

Tether reports a 58% drop in commercial paper holdings

  • Tether highlighted that their entire assets were more than their total liabilities.
  • Tether’s holdings of commercial paper fell more than 57.5 percent.

RopeThe most popular stablecoin provider (USDT) has released its latest quarterly validation report on token reserves. In principle, investors in the USDT stablecoin can convert their holdings into US dollars at any moment, assuming the company has the funds available to do so.

With a market capitalization of $67.5 billion, USDT is the third largest cryptocurrency after Bitcoin and Ethereum; However, it is not surprising that tether reserves are under constant monitoring.

Exposure to commercial papers

Tether’s new accounting firm, BDO Italia, released a separate report detailing the company’s assets as of June 30, 2022, claiming they were worth at least $66,409,619,424. Tether highlighted that their entire assets were more than their total liabilities of $66,218,725,778.

Paolo Arduino, chief technology officer at Tether, said in a statement:

“We are fully committed to maintaining our role as the leading stablecoin in the market. Tether’s interest remains backed by the transparency of its reserves and has been a major source of stability allowing us to build a tool for the global economy.”

Tether’s holdings of commercial paper fell more than 57.5 percent from $20 billion to $8.5 billion, the report said. This, according to Tether, is in line with the company’s goal of reducing its exposure to commercial paper to $200 million by the end of August 2022 and to zero by the end of the year. Cash and bank deposits for the company were up 32% throughout the reporting period as well, according to the report.

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