Independent Tether Attestation Reveals 58% Decrease in Commercial Paper Holdings

An independent review by accounting firm BDO has indicated that the stablecoin issuer's total assets exceed its consolidated liabilities.

An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation on the company's performance over the previous quarter. The examiner, accounting firm BDO Italia, valued Tether's assets as of June 30, 2022.

Tether previously announced its commitment to reduce its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease in commercial paper exposure since the previous quarter, from 20 billion to $8.5 billion.

Tether's chief technology officer, Paolo Ardoino, tweeted that Tether plans to continue to reduce its commercial paper holdings to $200 million by the end of August and phase them out by the following October.< /p>

As of June 30, a decline of more than 58% in Tether's commercial paper holdings from the prior quarter, from $20 billion at $8.5 billion. $200 million by the end of August and 0 by the end of October. https://t.co/g5lJgs1r3n

Additionally, the total amount of consolidated assets held by Tether at the time of the review was just over $66.4 billion. At the same time, the total amount of consolidated liabilities was nearly $66.2 billion, of which nearly 99% related to digital tokens.

In May 2021, Tether began publishing quarterly reports...