YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Tether replaces commercial paper with US Treasury Bills

October 13, 2022
in Crypto News
Reading Time: 2 mins read
A A
Tether replaces commercial paper with US Treasury Bills
ShareShareShareShareShare

You might also like

Ukrainian company AgroGloryTime Introduces Innovative Solutions for Enhanced Crypto Investments

Ukrainian company AgroGloryTime Introduces Innovative Solutions for Enhanced Crypto Investments

January 31, 2023
Analyst shares NOIA price outlook after 168% gain

Analyst shares NOIA price outlook after 168% gain

January 31, 2023

Tether’s commercial paper has shrunk to zero, the USDT issuer has announced.

Instead of holding commercial paper, Tether has replaced the investments with US Treasury Bills (T-Bills).

The news comes just a few months after the USDT issuer said it would completely remove commercial paper from its reserves, and is a route the company has pursued as it looks to increase transparency around its stablecoin reserves.

Tether has eliminated over $30 billion dollars of commercial paper without any losses, a proof of how Tethers’ reserves are conservatively and professionally managed. Tether has also increased its direct exposure to US Treasuries by more than $10 billion in the last quarter.(2/3)

— Tether (@Tether_to) October 13, 2022

Tether CTO Paolo Ardoino affirmed in May that USDT was fully backed, and in July 2022, Tether announced its CP holdings were on track to fall below $3.5 billion.

Ardoino then said in August that the stablecoin issuer’s commercial paper holdings would drop below $200 million at the end of the month and to zero by the end of October 2022. In September, the company revealed that its CP holdings had dropped below $50 million.

In all, Tether has managed to eliminate $30 billion worth of commercial paper from its reserves.

USDT reserves in more US Treasury bills

On the company’s website, Tether shows it holds 54.57% in US Treasury Bills and 15.89% in Commercial Paper and Certificates of Deposit.

The total reserves breakdown shows Cash & Cash Equivalents and Other Short-Term Deposits & Commercial Paper make up 79.62% of the USDT reserves, with 8.36% in other investments that include digital tokens, 6.77% in secured loans and 5.25% in corporate bonds, funds and precious metals.

Going by these percentages, replacing commercial paper investments with T-Bills increases the latter’s overall holdings under cash and cash equivalents to 70.46%.  

US T-Bills means Tether now backs its USDT with the “most secure, liquid reserves in the market,” the company noted.


Share this article

Categories

Tags


Credit: Source link

Related Stories

Ukrainian company AgroGloryTime Introduces Innovative Solutions for Enhanced Crypto Investments
Crypto News

Ukrainian company AgroGloryTime Introduces Innovative Solutions for Enhanced Crypto Investments

January 31, 2023
Analyst shares NOIA price outlook after 168% gain
Crypto News

Analyst shares NOIA price outlook after 168% gain

January 31, 2023
Crypto Narratives and the Bitcoin Anti-Narrative
Crypto News

Crypto Narratives and the Bitcoin Anti-Narrative

January 31, 2023
Cloudzy Introduced Crypto Payment Solutions
Crypto News

Cloudzy Introduced Crypto Payment Solutions

January 31, 2023
Next Post
SEC Probes Yuga Labs, DeGods Eliminates NFT Royalties

SEC Probes Yuga Labs, DeGods Eliminates NFT Royalties

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning – Africa Bitcoin News

New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning – Africa Bitcoin News

January 25, 2023

Blockchain Bites: Mango Market’s bitter taste for attacker, Digital Surge rescue delivered, Chinese takeaways in NFT decision, and UK serving ahead of Australia in crypto-regulation race.

January 27, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,165.00 1.42%
    • ethereumEthereum (ETH) $ 1,586.78 1.14%
    • tetherTether (USDT) $ 1.00 0.09%
    • usd-coinUSD Coin (USDC) $ 1.00 0.11%
    • bnbBNB (BNB) $ 312.38 1.73%
    • xrpXRP (XRP) $ 0.407532 2.83%
    • binance-usdBinance USD (BUSD) $ 1.00 0.13%
    • cardanoCardano (ADA) $ 0.392443 5.18%
    • dogecoinDogecoin (DOGE) $ 0.096431 9.24%
    • matic-networkPolygon (MATIC) $ 1.11 2.2%
    • okbOKB (OKB) $ 37.76 0.65%
    • solanaSolana (SOL) $ 23.95 0.05%
    • staked-etherLido Staked Ether (STETH) $ 1,580.65 0.96%
    • polkadotPolkadot (DOT) $ 6.27 1.23%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 2.88%
    • litecoinLitecoin (LTC) $ 94.53 3.37%
    • avalanche-2Avalanche (AVAX) $ 19.86 0.61%
    • tronTRON (TRX) $ 0.062311 0.09%
    • daiDai (DAI) $ 1.00 0.02%
    • uniswapUniswap (UNI) $ 6.57 0.98%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,117.00 1.51%
    • cosmosCosmos Hub (ATOM) $ 13.38 2.58%
    • chainlinkChainlink (LINK) $ 6.96 0.64%
    • the-open-networkToncoin (TON) $ 2.30 1.08%
    • leo-tokenLEO Token (LEO) $ 3.54 1.18%
    • moneroMonero (XMR) $ 177.83 0.96%
    • ethereum-classicEthereum Classic (ETC) $ 21.75 1.72%
    • aptosAptos (APT) $ 16.77 2.73%
    • bitcoin-cashBitcoin Cash (BCH) $ 133.45 2.26%
    • stellarStellar (XLM) $ 0.090870 0.82%
    • apecoinApeCoin (APE) $ 5.88 1.16%
    • quant-networkQuant (QNT) $ 142.39 1.1%
    • crypto-com-chainCronos (CRO) $ 0.079193 1.81%
    • nearNEAR Protocol (NEAR) $ 2.33 1.41%
    • filecoinFilecoin (FIL) $ 5.24 2.57%
    • lido-daoLido DAO (LDO) $ 2.20 6.59%
    • algorandAlgorand (ALGO) $ 0.243042 1.3%
    • vechainVeChain (VET) $ 0.023198 0.57%
    • internet-computerInternet Computer (ICP) $ 5.89 1.88%
    • hedera-hashgraphHedera (HBAR) $ 0.064799 0.98%
    • fantomFantom (FTM) $ 0.541565 13.18%
    • decentralandDecentraland (MANA) $ 0.749026 0.11%
    • axie-infinityAxie Infinity (AXS) $ 10.92 0.88%
    • aaveAave (AAVE) $ 83.19 2.59%
    • the-sandboxThe Sandbox (SAND) $ 0.732073 0.86%
    • eosEOS (EOS) $ 1.07 1.77%
    • flowFlow (FLOW) $ 1.07 8.34%
    • elrond-erd-2MultiversX (EGLD) $ 42.95 1.96%
    • theta-tokenTheta Network (THETA) $ 1.03 1.11%
    • fraxFrax (FRAX) $ 1.00 0.06%