Today, Tether announced that it has eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills). This announcement comes as part of Tether’s ongoing efforts to increase transparency, with investor protection at the core of the management of Tethers’ reserves. Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry.
Tether has led the industry in transparency releasing attestations every three months, constantly reviewing the make up of its reserves. In the last quarters Tether reduced its exposure to commercial paper holdings constantly and without any losses. On July 1, the Company shared an update on its progress in further reducing its commercial paper portfolio to a low of $3.5B, which was on track with Tether's commitment to the community. On September 30th, the company announced it was below $50M in commercial paper holdings.
Today, the goal to bring the figure down to zero has been fulfilled.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.