Tether dominates centralized exchange stablecoin trade volumes despite market cap decline

Stablecoins haven't been exempt from suffering losses during the ongoing cryptocurrency market crash, but its major assets are still persevering, with Tether (USDT) not only ranking third among all cryptos but also dominating centralized exchanges by stablecoin trading volume.

Timeline of Tether

In a tweet on October 13, stablecoin issuers Tether announced that it had reduced its commercial paper holdings to zero to ensure secure and liquid reserves for Tether USD (USDT). “Tether is proud to announce that we have eliminated commercial paper from our reserves,” said Tether in its tweets.

Market maker Wintermute has paid off a $96 million USDT loan, paying back DeFi lender, TrueFi, a day before the debt hit its maturity date. The post Wintermute pays off $96 million USDT TrueFi loan appeared first on The Block.

Late in September, Tether made headlines when a judge ordered the company to reveal what is likely to be crucial documentation for any evaluation of USDT's backing with U.S. dollars. The court found that the proof was necessary to establish that Tether had a treasury that completely backs its stablecoin.

Top stablecoin issuer Tether (USDT) is completing its goal of eliminating commercial paper holdings from its reserves before the end of 2022. The firm says it has finally cut its commercial paper investments to zero from over $30 billion in September last year and is moving to diversify its portfolio.

After a Manhattan federal judge blasted Roche Freedman LLP founding partner Kyle Roche's public statements, the judge has removed the crypto boutique law firm from the market manipulation lawsuit against Tether and Bitfinex. The recent hearing has shown that U.S. district judge, Katherine Polk Failla, believes the litigation process could be derailed.

Tether, the issuer of the world's largest stablecoin USDT by market cap, announced on October 13, 2022 that it has “eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills).

A New York judge has reportedly removed Roche Freedman from a class action lawsuit against stablecoin issuer Tether and crypto exchange Bitfinex. The post Law firm Roche Freedman removed from suit against Tether and Bitfinex: Bloomberg appeared first on The Block.

Stablecoin issuer Tether has eliminated commercial papers from its USDT reserve, according to its latest reserve update. The post Tether reduces commercial paper reserves for USDT to zero appeared first on CryptoSlate.

The world's largest stablecoin, Tether, completed a significant milestone today, announcing that it had slashed its commercial paper holdings to zero. According to a blog post, the commercial paper holdings have been replaced by U.S. Treasury bills.

The stablecoin issuer Tether (USDT) has made good on its word to cut its exposure to riskier assets like commercial paper. The post Tether Cuts Out Commercial Paper Holdings To Foster Trust appeared first on BeInCrypto.