Stablecoin issuer Tether has cut its commercial paper holdings to less than $50 million, Tether Chief Technology Officer Paolo Ardoino said in a tweet.
As of Sept. 30, the company increased its U.S. Treasury holdings to 58.1% of its total portfolio from 43.5% of its total portfolio as of June 30.
Commercial paper is short-term unsecured debt issued by companies, where the value of the paper is dependent on the issuing company. Commercial paper is less stable than other debt instruments, such as U.S. Treasury bonds.
Tether had earlier said that it will bring its commercial paper holdings to zero by the end of the year because of growing concerns over the stability of the Tether ecosystem and its stablecoin, USDT.
The USDT issuer also appointed a new auditor, BDO Italia, to take over its regular attestation reports. Recently, the firm was ordered by a New York-court judge to produce financial records relating to the backing of USDT.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.