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Tether is reducing its commercial paper holdings on pace with plans, the stablecoin company reported Friday. It has reached the target sum of $8.4 billion in commercial paper, as per intentions first disclosed last month, and will continue to reduce its holdings in the immediate future.\u00a0<\/p>\n
On July 31, $5 billion of Tether\u2019s commercial paper holdings will expire, leaving the company with $3.5 billion dollars\u2019 worth in its portfolio. As a result, treasury reserves will make up a larger proportion of the company\u2019s reserves, the report emphasized. <\/p>\n
Tether stablecoin USDT\u00a0had about $20.1 billion in commercial paper backing as of March 31. The company\u2019s quarterly assurance opinion stated that the percentage of commercial paper in its reserves was falling and its reserves were fully backed.<\/p>\n
Related: USDC\u2019s \u2018real volume\u2019 flips Tether on Ethereum as total supply hits 55.9B<\/em><\/strong><\/p>\n The stablecoin became depegged for a brief time in May amid broad market turbulence. On June 15, two days after cryptocurrency lending platform Celsius announced it was halting withdrawals, Tether issued a statement to refute rumors\u00a0that 85% of that portfolio was Asian and Chinese commercial paper trading at a significant discount. Tether stated at that time that it had a goal of reducing its commercial paper portfolio to zero. The USDT market cap fell to an eight-month low, at below $70 billion, a few days later. <\/p>\n 1\/\n
I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA\/LUNA collapse.
It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc. https:\/\/t.co\/hhcsgHV1Ow<\/p>\n