USDT Issuer Tether Reduces Commercial Paper Reserves by Another $5B

The USDT Stablecoins issuer, Tether, revealed that it would reduce its holdings of commercial paper by $5 billion by the end of July 2022, from $8.4 billion to $3.5 billion. The news follows Tether’s announcement on May 19 that it has reduced its paper reserves, which fits into the company’s plan to reduce its holdings of paper assets to zero and raise its proportion of US treasuries. Tether Continues to Reduce CP Holdings As It Solidifies Its Position As The Most Transparent Stablecoin Read more info here: ⬇️https://t.co/hAvr4NVTsw — Tether (@Tether_to) July 1, 2022 Tether USDT – World’s Biggest Stablecoin The largest stablecoin in the world is Tether’s USDT, which has a market valuation of roughly $66.5 billion. The price of other assets, like the dollar, can be tracked using stablecoins, which are digital assets. Token holders should always be able to exchange their coins for dollars without any problems. Tether claims that USDT is 100% backed 1:1 by reserves. In the wake of Terra’s demise last month, USDT temporarily lost its peg to the dollar, but Tether kept up with redemptions. It soon made a full recovery. Tether Truthers The condition of the company’s reserves has been the subject of several rumors over the years. Tether has responded by publishing various announcements to increase its transparency in response to critics who call themselves “Tether Truthers” in the crypto community and claim that the stablecoin issuer...