Tether Increases Exposure To Treasuries By $10B, Cuts Commercial Paper From Reserves

Faced with criticism over the quality of its reserves, stablecoin issuer Tether announced Thursday that it was slashing commercial paper, or unsecured promissory notes, from its reserves. It also increased its direct exposure to U.S. Treasuries by more than $10 billion in the last quarter.

Timeline of Tether

USDT's throne has been challenged over the years by USDC. Eight years after Tether issued its first USDT token, the company can claim to have seen it all from regulators' censures to reaching supply highs.

Stablecoin issuer Tether has said for months it planned to improve the quality of its reserves. The post Tether to replace commercial paper with U.S. Treasuries reserves appeared first on The Block.

Tether, the world's largest stablecoin by market value, says it has has completely eliminated commercial paper from its reserves and has replaced those investments with U.S. Treasury bills.

Eight years after Tether issued its first USDT token on Oct. 6, 2014, the company could claim to have seen it all: allegations of price manipulation, regulatory legal fights and repeated FUD (fear, uncertainty and doubt) attacks. The post Tether USDT Turns 8 – a History of FUD, Regulation and Growth appeared first on BeInCrypto.

I love Bitcoin. Having said that, its volatility is extreme and prevents it being anything remotely close to a store of value – for now, at least. I spoke with the CTO of Tether, Paolo Ardoino, on the latest episode of the Invezz podcast.

The U.S. Security and Exchange Commission (SEC) sued and set charges of 1 million USD as a monetary penalty against Friedman LLP, the former auditing firm of Tether. Although the stablecoin issuer Tether hired the same auditing company from May 2017 to January 2018, the case filed last week does not count it.

Friedman LLP, a New York-based accounting firm that provided auditing services for Tether in 2017, is accused of “serial violations of the federal securities laws” and “improper professional conduct.”

From 16:00 on Sept. 23 to 15:59 on Sept. 27 (UTC), the cryptocurrency trading platform MEXC will hold the latest event on its launchpad. The event project is Zalmoxis (KOSON), a AAA-level massively multiplayer online role-playing game (MMORPG) game developed by Wenmoon Studios Ltd.

Stablecoin issuer Tether has recieved a court order to produce financial records that prove the backings of its USDT. The Judge at Northern District Court New York, Katherine Polk Failla, issued the order for Tether on Tuesday upon the plaintiffs' request to prove its reserves.

A recent discovery unmasked a claim that refers to the issuance of unbacked USDT by Tether. This unbacked currency circulating in the market has caused turbulence and damage of $1.4 trillion.