Tether commercial paper exposure now under $50M
Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by USD. Stablecoin issuer Tether has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022. Tether chief technology officer 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 June 30 figure of 43.5%. Commercial 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 Tether (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.
In July, it appointed European accounting firm BDO Italia as a new auditor to independently review its stablecoin reserves in a bid to improve transparency and more regularly disclose audit and attestation reports. Last month, Tether was ordered by a United States District Court in New York to provide documents that prove the U.S. dollar 1-to-1 backing of USDT on Sept. 19. As for when Tether’s transparency report will be updated, Ardoino said the deadline usually takes 45 days but now expects its new auditor to improve this process and reduce that timeline.
Tether’s plan to slash its entire commercial paper holdings by the end of 2022 is well underway, with the firm cutting down its reserves from 20 billion units as of Q1 2022 to 8.4 billion units as of Q2 2022. USDT is currently the largest stablecoin, with a market capitalization of $67.95 billion, the third highest of all digital assets, according to CoinGecko data.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 87.6% | 13 | $62 793.69 | 1.91% | -0.58% | $1 236 899 321 913 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 84% | 20 | $2 941.76 | 0.05% | -4.31% | $353 344 168 929 |  |
|
| 3 |  USDT |
Tether predictions | 94.8% | 1 | $0.999832 | 0.02% | -0.02% | $110 821 326 083 |  |
|
| 4 |  BNB |
Binance Coin predictions | 88.8% | 15 | $593.23 | -0.95% | 0.87% | $87 553 309 099 |  |
|
| 5 |  SOL |
Solana predictions | 82.8% | 29 | $147.16 | 1.22% | -3.11% | $66 005 930 157 |  |
|
| 6 |  USDC |
USD Coin predictions | 91.2% | 1 | $1.000073 | 0.01% | 0.01% | $33 108 905 954 |  |
|
| 7 |  XRP |
XRP predictions | 90.4% | 14 | $0.507253 | 0.74% | -8.15% | $28 081 106 912 |  |
|
| 8 |  TON |
Toncoin predictions | 71.2% | 54 | $7.31 | 4.45% | 24.74% | $25 406 881 022 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 80% | 34 | $0.150948 | 6.04% | -2.75% | $21 778 100 769 |  |
|
| 10 |  ADA |
Cardano predictions | 84.8% | 17 | $0.442027 | 0.31% | -4.03% | $15 766 268 626 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 74% | 45 | $0.000024 | 5.49% | -1.32% | $14 009 522 166 |  |
|
| 12 |  AVAX |
Avalanche predictions | 80.4% | 33 | $32.78 | -2.77% | -11.79% | $12 508 599 533 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 82.4% | 34 | $0.126222 | -0.36% | 6.06% | $11 041 369 674 |  |
|
| 14 |  TRX |
TRON predictions | 82% | 34 | $0.125875 | -0.94% | 5.82% | $11 011 044 418 |  |
|
| 15 |  STETH |
Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
