Tether commercial paper exposure now below $50m - CTO

Tether is also looking to become more transparent, having hired a new accounting firm to perform regular audit and attestation reports to ensure that his stablecoin is properly backed by USD.

Stablecoin issuer Tether has almost completely reduced its commercial paper holdings, with less than $50 million in commercial paper units as of September 30, 2022.

Tether's Chief Technology Officer, Paolo Ardoino, made the announcement in an October 3 tweet, also adding that Tether's US Treasuries had grown to 58.1% of its total portfolio, up from 25.1% compared to their figure of 43.5% as of June 30.

Updated #tether wallet. Tether as of September 30, 2022 holds approximately 58.1% of its assets in US Treasuries. Up from 43.5% on June 30, 2022. Exposure to CP is @Tether_to

Commercial papers are short-term debt securities issued by companies, which are often used to fund various business transactions, while treasury bills are said to be more stable than commercial papers as they offer a "zero risk of default" since investors are guaranteed to recover at least the purchase price.

In June, Tether said it was aiming to reduce Tether's (USDT) commercial paper backing to "zero" and turn them into short-dated US Treasuries, with the aim of increasing the stability of its ecosystem and the stablecoin USDT.

The stablecoin issuer has also sought to increase the transparency of its dollar reserves and backing.

In July, it