Tether reduces commercial paper exposure to below $50M, Treasury bills rise to 58.1% of reserve
Insider information on Tether’s reserve revealed that as of Sept. 30, the shadlecoin issuer had increased its U.S. Treasury bills to 58.1% of its reserves while reducing its commercial paper exposure to below $50 million.
According to the last official report on June 30, about 43.5% of Tether’s assets — roughly $28.8 billion — were held in U.S. Treasury bills, while less than 25% — around $8.4 billion — represented its exposure to commercial papers.
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The stablecoin issuer had promised to reduce its commercial paper holdings down to zero while having more of its reserve assets in U.S. Treasury bills.
A recent portfolio update shared by Tether CTO Paolo Ardoino suggested that the stablecoin issuer is keeping true to its promise.
#tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.
CP exposure is < 50M [email protected]_to
— Paolo Ardoino (@paoloardoino) October 3, 2022
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A fact check against Tether’s public transparency page records its current U.S. Treasury bills at 54.57%, while its commercial paper exposure is approximately 16%.
According to Ardonia, it will usually take about 45 days for the official report to be reflected; however, the auditing team is working to reduce the timeline.
CryptoSlate reached out to Tether and confirmed that the update will be available in its next quarterly report. A Tether spokesperson said:
“Portfolio updates to look out for include a reduction in commercial papers, now making up less than $50M of its reserves and the holding of 58.1% of its assets in U.S. Treasury Bills.”
Tether added that it was moving away from commercial paper into Treasury bills as it needs a more conservative portfolio to remain the largest stablecoin by trading volume.
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