Paolo Ardoino Usa New York blockchain Government United States Stablecoin Tether Paolo Ardoino Usa New York

Tether commercial paper exposure now under $50M, says CTO

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cointelegraph.com

Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept.

30, 2022.Tether CTO Paolo Ardoino made the announcement in an Oct. 3 tweet, adding also that Tether’s United States Treasury bills increased to 58.1% of its total portfolio, up 25.1% from its Jun.

30 figure of 43.5%.#tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.CP exposure is < 50M now.@Tether_toCommercial papers are short-term debt instruments issued by companies, which are often used to finance various business operations, while treasury bills are claimed to be more stable than commercial papers as they offer “zero default risk” since investors are guaranteed to at least recoup the purchase price.In June, Tether said it was aiming to decrease commercial paper backing of USDT to "zero," and rolled into short-maturity U.S.

Treasury bills — aimed at increasing the stability of its ecosystem and USDT stablecoin.The stablecoin issuer has also been seeking to increase transparency into its dollar reserves and backing.

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