On May 19, Tether made available its latest quarterly assurance opinion demonstrating the strength of its reserves and revealing significant reductions in commercial paper investments.
Today, the company is excited to share an update on its progress to further reduce its commercial paper portfolio. Currently, Tether has 8.4B of these holdings, of which 5B will expire on July 31. This will result in a significant reduction in commercial paper assets to a low of 3.5B, which is on track with Tether's commitment to the community. The goal remains to bring the figure down to zero. While both commercial paper and treasury reserves are commonly held liquid assets and cash equivalents, U.S. treasuries will now make up an even larger percentage of Tether’s reserves.
This is part of a larger strategy to ensure that Tether has a diversified portfolio with limits to exposure on individual issuers or assets. It demonstrates a commitment by the company to reduce its commercial paper investments and validates the business, as part of its ongoing push towards an increased transparency for the stablecoin industry, proudly created by Tether in 2014. This will continue to be reflected in future assurance opinions in the coming months.
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Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.