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The company is reducing the amount of commercial paper in its reserves. Reports published after the UST collapse confirm that Tether reserves are fully secured
Tether Holdings Limited has published its latest quarterly audit report, showing a significant decline in investments in commercial paper and an increase in investments in US Treasury bills.
The document confirms a decrease in the share of commercial securities compared to the previous quarter: from $ 24.2 billion to $ 20.1 billion and an increase in investments in US money market funds and TREASURY bills by more than 13%: from $ 34.5 billion to $ 39.2 billion.
“The past week is a clear example of tether’s strength and resilience. USDT has maintained its stability, despite numerous tragic events in the market and an extremely unstable situation, and even in the darkest days, Tether has never refused to satisfy the request for redemption from any of its trusted customers, “said Tether CTO Paolo Ardoino.
He added that in fact, from April 1, 2022, Tether had a further reduction in commercial paper by 20%, which will be reflected in the report for the 2nd quarter of 2022.
Tether’s consolidated assets rose from $78.7 billion to $82.4 billion from the previous quarter, according to the opinion of independent auditors MHA Cayman. The document shows that the group’s total assets exceed its aggregate liabilities.
Tether’s latest report comes at a time when stablecoins are under scrutiny from the crypto community and regulators due to the collapse of the UST.
The UST stablecoin, backed by the Terra Blockchain, lost its peg to the U.S. dollar on May 8. At the moment, the UST rate is at the level of $0.085.
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