Tether reducing commercial paper holdings down to $3.5 billion by end-July
Tether On July 1, it said it would further reduce its portfolio of commercial papers.
With this latest reduction, stablecoin issuers’ commercial paper assets have fallen from their current holdings of $ 8.4 billion to a low of $ 3.5 billion after their $ 5 billion holdings expired on July 31st. It will drop.
Tether Commercial Paper Portfolio
The latest announcement is behind Stablecoin’s commitment to the community in May.
In early May, Stablecoin uncovered rumors that 85% of its commercial paper portfolio was owned by a Chinese company and traded at a 30% discount.
In response to these rumors, the company has stated that commercial paper is less than 25% of USDT’s backing. In addition, we promised to reduce our portfolio of commercial papers to zero.
Therefore, the latest announcement shows that the company is fulfilling its promise. According to the post, US Treasuries will account for an even more important proportion of tether’s reserves.
The company further said that this reduction would help diversify its portfolio and limit its exposure to individual issuers or assets.
Expansion of product offering
In June, Tether announced the addition of GBP₮, a pound sterling stablecoin running on the Ethereum chain, to its product offering.
With the addition of GBP₮, which is scheduled to go on sale in July, there will be five products available. This includes USD₮ for US dollar pesos, EUR₮ for euro pesos, CNH₮ for former pesos, and Mexican pesos. MXN ₮ stablecoins.
