Tether expects to reduce USDT’s commercial paper backing to $8.4 billion by the end of June 2022 and eventually completely remove it. The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount.
The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, amounting to around $21 billion as of March 31. According to the latest statement, Tether has continued to reduce its current portfolio of commercial paper, decreasing its volumes to $11 billion. The firm expects to further reduce it to $8.4 billion by the end of June 2022, eventually aiming to clear out its commercial paper backing, the statement reads:
“This will gradually decrease to zero without any incurrences of losses. All commercial papers are expiring and will be rolled into U.S. Treasuries with a short maturity.”
Tether also once again mentioned the recent crisis of the Celsius lending platform, noting that Celsius position has been liquidated with no losses to Tether. “Tether has currently zero exposure to Celsius apart from a small investment made out of Tether equity in the company,” the firm said. Tether also argued that reports suggesting that Tether has lending exposure to the crypto venture capital firm Three Arrows Capital are also “categorically false.”
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 64.8% | 76 | $65 869.37 | -2.92% | -8.78% | $1 294 869 193 528 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 64.8% | 68 | $3 414.18 | -5.41% | -15.79% | $409 965 492 580 | ||
3 | USDT | Tether predictions | 92.8% | 1 | $1.000198 | 0.07% | 0.01% | $103 638 696 476 | ||
4 | SOL | Solana predictions | 65.2% | 79 | $183.73 | -9.79% | 21.48% | $81 555 643 053 | ||
5 | BNB | Binance Coin predictions | 59.6% | 90 | $535.21 | -5.13% | 1.15% | $80 034 322 646 | ||
6 | XRP | XRP predictions | 72% | 59 | $0.615086 | -0.22% | -13.29% | $33 706 829 444 | ||
7 | USDC | USD Coin predictions | 96% | 2 | $1.000214 | 0.01% | 0.04% | $31 268 049 232 | ||
8 | ADA | Cardano predictions | 64.4% | 76 | $0.632616 | -6.33% | -17.90% | $22 498 675 030 | ||
9 | AVAX | Avalanche predictions | 64.4% | 73 | $57.94 | -3.95% | 14.70% | $21 861 642 108 | ||
10 | DOGE | Dogecoin predictions | 56.8% | 89 | $0.135811 | -11.00% | -23.31% | $19 492 286 785 | ||
11 | SHIB | SHIBA INU predictions | 58.4% | 94 | $0.000026 | -11.07% | -23.31% | $15 158 073 179 | ||
12 | DOT | Polkadot predictions | 58.4% | 87 | $9.45 | -5.95% | -14.71% | $13 453 137 398 | ||
13 | TON | Toncoin predictions | 68.8% | 69 | $3.71 | -4.70% | 8.75% | $12 862 436 428 | ||
14 | WTRX | Wrapped TRON predictions | 86.4% | 21 | $0.123537 | -1.73% | -7.47% | $10 850 371 953 | ||
15 | TRX | TRON predictions | 85.2% | 19 | $0.123093 | -2.52% | -7.68% | $10 811 305 668 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.