An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation against the company’s prior quarter performance. The reviewer, blue chip accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022.
Tether previously announced a commitment to decrease its commercial paper holdings by the end of August 2022.. Data in the report revealed a 58% decline in commercial paper exposure from the previous quarter, from $20 billion to $8.5 billion.
Tether CTO Paolo Ardoino tweeted that Tether has plans to further decrease its commercial paper holdings to $200 million by the end of August and bring them down to zero by the following October.
As of June 30th, more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B.
CP portfolio will be $200m by end of August and 0 by end of October. https://t.co/g5lJgs1r3n– Paolo Ardoino (@paoloardoino) August 19, 2022
As of June 30, Tether commercial paper holdings are down more than 58% from the previous quarter, from $20 billion to $8.5 billion.
The CP portfolio will be USD 200 million at the end of August and 0 at the end of October.
Also, the total amount of Tether’s consolidated assets at the time of review was just over $66.4 billion. Meanwhile, the total amount of consolidated liabilities amounted to nearly $66.2 billion, with almost 99% related to digital tokens.
In May 2021, Tether began publishing quarterly statements of its stablecoin reserves after reaching a settlement with the New York attorney general.. This came after a lawsuit against Tether claimed that USDT did not have full backing in its reserve at all times.
The company says that these reports, specifically with BDO oversight, are to “reinforce its dedication to transparency.” Ardoino commented on the report, saying:
“Tether’s utility continues to be supported by the transparency of its reserves and has been a leading source of stability that allows us to build a tool for the global economy.”
The Tether attestation report was released a week after the US government sanctioned cryptocurrency mixer Tornado Cash, contributing to an increase in the outstanding supply of USDT.. USDT continues to hold the top spot as the world’s largest stablecoin by market capitalization, according to data from CoinMarketCap.
Tether recently made a statement in line with Ethereum’s upcoming Proof-of-Stake merger, which is expected to take place this September.
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