Tether expects to reduce USDT’s commercial paper backing to $8.4 billion by the end of June 2022 and eventually completely remove it. The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount.
The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, amounting to around $21 billion as of March 31. According to the latest statement, Tether has continued to reduce its current portfolio of commercial paper, decreasing its volumes to $11 billion. The firm expects to further reduce it to $8.4 billion by the end of June 2022, eventually aiming to clear out its commercial paper backing, the statement reads:
“This will gradually decrease to zero without any incurrences of losses. All commercial papers are expiring and will be rolled into U.S. Treasuries with a short maturity.”
Tether also once again mentioned the recent crisis of the Celsius lending platform, noting that Celsius position has been liquidated with no losses to Tether. “Tether has currently zero exposure to Celsius apart from a small investment made out of Tether equity in the company,” the firm said. Tether also argued that reports suggesting that Tether has lending exposure to the crypto venture capital firm Three Arrows Capital are also “categorically false.”
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 90% | 13 | $61 455.70 | 0.55% | -4.41% | $1 210 516 645 901 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 87.2% | 18 | $2 933.23 | 0.48% | -6.76% | $352 314 046 641 | ||
3 | USDT | Tether predictions | 92.4% | 1 | $0.999745 | 0.01% | -0.04% | $110 811 738 592 | ||
4 | BNB | Binance Coin predictions | 89.6% | 15 | $594.75 | 0.86% | 0.21% | $87 777 684 264 | ||
5 | SOL | Solana predictions | 84.4% | 29 | $145.40 | -0.23% | -1.09% | $65 216 421 381 | ||
6 | USDC | USD Coin predictions | 92.4% | 1 | $1.000161 | 0.02% | 0.01% | $33 133 467 383 | ||
7 | XRP | XRP predictions | 90.4% | 13 | $0.504355 | -0.42% | -5.08% | $27 920 664 433 | ||
8 | TON | Toncoin predictions | 76.8% | 50 | $6.96 | 2.33% | 17.09% | $24 190 275 783 | ||
9 | DOGE | Dogecoin predictions | 78.4% | 32 | $0.142715 | -1.19% | -11.63% | $20 588 478 587 | ||
10 | ADA | Cardano predictions | 88% | 16 | $0.441199 | -0.46% | -4.53% | $15 734 804 196 | ||
11 | SHIB | SHIBA INU predictions | 78% | 44 | $0.000023 | -0.57% | -9.31% | $13 299 429 682 | ||
12 | AVAX | Avalanche predictions | 81.6% | 31 | $33.73 | -0.21% | -10.03% | $12 867 038 905 | ||
13 | TRX | TRON predictions | 81.2% | 31 | $0.126985 | 0.79% | 4.73% | $11 108 831 876 | ||
14 | WTRX | Wrapped TRON predictions | 79.2% | 31 | $0.126562 | 0.34% | 4.20% | $11 071 841 471 | ||
15 | STETH | Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |
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