Top Stablecoin Tether (USDT) Slashes $30,000,000,000 in Commercial Paper Holdings, Buys Up U.S. Treasury Bills

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.

Timeline of Tether

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 According to a blog post, the commercial paper holdings have been replaced by U.S. Treasury bills.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

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.