Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by USD. Stablecoin issuer Tether has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022. Tether chief technology officer Paolo Ardoino made the announcement in an Oct. 3 tweet, adding also that Tether’s United States Treasury bills increased to 58.1% of its total portfolio, up 25.1% from its June 30 figure of 43.5%. Commercial papers are short-term debt instruments issued by companies, which are often used to finance various business operations, while treasury bills are claimed to be more stable than commercial papers as they offer “zero default risk” since investors are guaranteed to at least recoup the purchase price.
In June, Tether said it was aiming to decrease commercial paper backing of Tether (USDT) to “zero,” and rolled into short-maturity U.S. Treasury bills — aimed at increasing the stability of its ecosystem and USDT stablecoin. The stablecoin issuer has also been seeking to increase transparency into its dollar reserves and backing.
In July, it appointed European accounting firm BDO Italia as a new auditor to independently review its stablecoin reserves in a bid to improve transparency and more regularly disclose audit and attestation reports. Last month, Tether was ordered by a United States District Court in New York to provide documents that prove the U.S. dollar 1-to-1 backing of USDT on Sept. 19. As for when Tether’s transparency report will be updated, Ardoino said the deadline usually takes 45 days but now expects its new auditor to improve this process and reduce that timeline.
Tether’s plan to slash its entire commercial paper holdings by the end of 2022 is well underway, with the firm cutting down its reserves from 20 billion units as of Q1 2022 to 8.4 billion units as of Q2 2022. USDT is currently the largest stablecoin, with a market capitalization of $67.95 billion, the third highest of all digital assets, according to CoinGecko data.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 94.4% | 4 | $26 275.38 | 0.21% | -1.57% | $512 264 229 303 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 93.6% | 6 | $1 587.57 | 0.57% | -2.66% | $190 876 036 699 | ||
3 | ![]() |
Tether predictions | 93.6% | 1 | $0.999885 | -0.02% | -0.07% | $83 198 315 990 | ||
4 | ![]() |
Binance Coin predictions | 93.6% | 4 | $210.08 | 0.83% | -2.71% | $32 320 352 678 | ||
5 | ![]() |
XRP predictions | 89.2% | 8 | $0.502599 | 0.41% | -0.08% | $26 761 004 233 | ||
6 | ![]() |
USD Coin predictions | 91.6% | 1 | $1.000132 | 0% | -0.03% | $25 663 543 950 | ||
7 | ![]() |
Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
8 | ![]() |
Cardano predictions | 90.4% | 7 | $0.246432 | 1.19% | -2.10% | $8 655 293 025 | ||
9 | ![]() |
Dogecoin predictions | 89.6% | 6 | $0.060907 | 0.18% | -1.83% | $8 597 490 194 | ||
10 | ![]() |
Wrapped TRON predictions | 86.4% | 17 | $0.083230 | -0.20% | 0.26% | $8 462 475 836 | ||
11 | ![]() |
Solana predictions | 85.2% | 23 | $19.34 | -0.10% | -1.80% | $7 981 923 575 | ||
12 | ![]() |
TRON predictions | 88% | 20 | $0.084366 | 0.89% | 0.58% | $7 518 294 306 | ||
13 | ![]() |
Toncoin predictions | 60% | 80 | $2.15 | -1.96% | -10.71% | $7 370 150 744 | ||
14 | ![]() |
Dai predictions | 93.2% | 1 | $0.999781 | -0.07% | 0.01% | $5 346 718 270 | ||
15 | ![]() |
Polkadot predictions | 82.4% | 23 | $4.07 | 1.80% | -0.55% | $5 255 365 325 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 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.