Tether reports 17% decrease in commercial paper holdings over Q1 2022
2022.05.19 22:05
Tether reports 17% decrease in commercial paper holdings over Q1 2022
USDT Stablecoin issuer Tether (USDT) has reported it cut its reserves allocation to commercial paper investments and increased that of United States Treasury bills over the first quarter of 2022.
In a Thursday blog post, Tether reported its reserves were “fully backed,” seemingly in an effort to assuage many users’ fears around USDT briefly depegging from the dollar on May 12. According to the stablecoin issuer, its commercial paper holdings over Q1 2022 decreased 17% from roughly $24 billion to $20 billion, with an additional 20% reduction to be reflected in the firm’s next quarterly report. Tether also increased investments in money market funds and U.S. Treasury bills by 13% over the same quarter, from roughly $34.5 billion to $39 billion.
