Tether said the reserves backing its $66 billion stablecoin do not contain any Chinese commercial paper, likely marking the first time that the issuer of the world’s most used cryptocurrency explicitly stated it doesn’t hold the controversial assets.
Tether Holdings Ltd., which issues and operates the US dollar-pegged token USDT, had most recently refuted speculation that its token was 85% backed by Chinese or Asian commercial paper in June. It has been steadily decreasing its exposure to commercial paper in favor of holding US Treasury bills, with a goal of reducing its paper holdings to zero by early November.
Tether USDT has said reserves backing its $66 billion stablecoin do not contain any Chinese commercial paper. Tether’s treasury holdings are yet to be audited by a third party.
Do you think USDT is at risk of breaking its 1:1 peg to the US dollar like UST?
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