Tether reduces commercial paper reserves for USDT to zero

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.

Timeline of Tether

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 According to a blog post, the commercial paper holdings have been replaced by U.S. Treasury bills.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.

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.

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.”