On Monday, Paolo Ardoino, Chief Technology Officer of Tether Holdings Limited, explained that US Treasury securities now represent over 58% of the company’s reserves. The announcement came as Tether hired accounting firm BDO Italia to receive the stablecoin issuer’s quarterly certificate, which showed a decrease in commercial paper holdings.
Tether’s commercial paper holdings shrank to less than $50 million
According to Tether’s CTO, the bulk of the company’sUSDTreserves are in US Treasuries; USDTreserves; Paolo Ardoino, Tether’s CTO, on Monday updated Tether’s portfolio He tweeted.
Ardoino was also asked when Tether’s next transparency update will be published, and Tether CTO : “The deadline is usually 45 days – but with the new auditor we are improving the process to reduce the timeline.” He replied.
In a portfolio update, Ardino said: “We are working with the new auditor to reduce our schedule.
Tether portfolio update.As of September 30, 2022, Tether held ~58.1% of its assets in US t-bills, up from 43.5% as of June 30, 2022. [Commercial paper] exposure is currently [less than] 50M.
The news comes after the company hired accounting firm BDO Italia to publish a quarterly attest of Tether’s reserve holdings. Tether detailed at the time that it wanted to reduce its holdings of commercial paper to zero by the end of the year.
The August attestation shows that Tether’s exposure to commercial paper holdings has decreased, and the latest update shows that Tether’s current Treasury reserves have increased by 14% since June 30, 2022. However, commercial paper has decreased to less than $50 million.
Ardoino was asked to “brain-talk” the tweet “smoothly,”and when asked if the update was good or bad, Tether’s CTOrepliedit was “good. “Tether is the largest stablecoin by market cap and today,with a USDTmarket cap of about $67.95 billion.
Tether’s overall valuation represents 7.044% of the $96.6 billion crypto economy. Additionally, Tether’s trading volume on October 3 is more than half of the total trading volume of the global crypto economy.
In the last 24 hours, the entire crypto economy recorded $48.43 billion in global trading volume,with USDTaccounting for $28.63 billion of the transactions; 64.53% ofBTC’s share of trading today, Tether (USDTUSDTpaired withUSDTaccounted for 34.5%; USDTaccounted for 34.27% of Ethereum’s (ETH) swaps on October 3.
“As promised, Tether once again demonstrates its commitment to transparency in our next quarterly attest.” Tether explained in a note sent to Bitcoin.com News on Monday.” Portfolio updates of note include a reduction in commercial paper, now comprising less than $50M of its reserves, and holding 58.1% of its assets in US Treasury securities.”
“In future certification reports, Tether will continue to validate the strength of its business, its reserves, and further solidify its position as the industry’s leading stablecoin,” added a representative of Tether Holdings Limited.
What do you think about Tether CTO’s recent portfolio update noting that Tether has more commercial paper today? Let us know what you think about this topic in the comments section below.
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