Tether cut its commercial paper holdings by 21% last quarter according to the stablecoin operator’s latest quarterly assurance opinion released Monday.
See related article: Tether unveils reserves and backing for its USDT stablecoin in new report
- Auditor MHA Cayman completed an attestation, finding Tether’s reserves held for its digital assets exceed the amount required to redeem the world-leading US$79.5 billion worth of stablecoin USDT in circulation.
- Throughout the quarter, Tether reduced its commercial paper holdings from US$30.5 billion to just above US$24 billion, while it reallocated its holdings by increasing its money market funds and treasury bills.
- Tether was ordered to issue quarterly consolidated reserve reports by the New York State Attorney General in February last year as part of a US$18.5 million settlement.
- The attorney general investigated whether Tether sought to cover up a US$850 million loss in funds, where no wrongdoing was admitted by Tether.
- The firm was also fined US$41 million by the U.S. Commodity Futures Trading Commission in October 2021 over “untrue or misleading” claims that between June 1, 2016 to Feb. 25, 2019, USDT was fully backed by corresponding fiat currencies.
See related article: Tether fined $41M for misleading claims it was fully backed by fiat