According to Tether’s CTO Paolo Ardoino, US Treasury bills account for 58.1% of the firm’s reserves.
Ardoino tweeted that as of September 30, it has decreased its commercial paper holdings to less than $50 million. Tether’s holdings of US Treasury bills increased by more than 14% between June 30 and last Friday.
Tether has often said that it intends to improve the quality of its reserves, in part by lowering the quantity of commercial paper retained in its reserves, during 2022.
The company had disclosed plans to cut commercial paper holdings during the Terra crisis in May when it had $19.9 billion in commercial paper holdings. This figure has been reduced by more than 58% on August 19, when Tether disclosed commercial paper assets of $8.5 billion.
Binance switched all current balances and new deposits of stablecoins USDC, USDP, and TUSD to its own stablecoin, BUSD. Furthermore, it discontinued trading pairings for the three stablecoins against the US dollar and USDT, as well as significant cryptocurrencies such as BTC and ETH.
USDT is available on eleven distinct blockchains, compared to USDC’s eight, and its annualized daily trading volume is far larger than that of USDC — or even Bitcoin and Ethereum. Tether benefits from both of these features.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu