Tether’s CTO claims that US Treasury bills account for over 58% of USDT reserves

The announcement follows Tether’s hiring of accounting firm BDO Italia and the stablecoin issuer’s quarterly attestation, which had shown a decrease in treasury bill holdings.

Tether’s commercial paper holdings fell to less than $50 million.

According to Tether’s CTO, U.S. Treasuries make up a large portion of the company’s assets. Tether CTO Paolo Ardoino tweeted about the portfolio update on Monday.

Ardoino was also asked when he expected Tether’s next transparency update to be released, and Tether’s CTO replied: “The turnaround time is usually 45 days – But with the new auditor, we are improving the processes to reduce the time.“

#tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.
CP exposure is < 50M now.@Tether_to

– Paolo Ardoino 🕳🥊 (@paoloardoino) October 3, 2022

In the portfolio update, Ardoino stated::

Tether Portfolio Update. As of September 30, 2022, Tether holds ~58.1% of its assets in US Treasuries. Up from 43.5% as of June 30, 2022. Exposure is [moins de] 50M now.

The news follows the company’s hiring of accounting firm BDO Italia and the release of the company’s quarterly statement regarding Tether’s reserves. Tether detailed to that it wants to reduce commercial paper holdings to zero by the end of the year.

The certification released in August shows that Tether’s exposure to commercial paper has been reduced, and the latest update shows that the Treasury reserves Tether holds today are up 14 percent from June 30, 2022. Commercial paper, meanwhile, has been reduced to less than $50 million.

When Paolo Ardoino was asked to “make a brain talk” on the tweet and was asked if the update was good or bad, Tether’s CTO replied that he was “good“. Tether is the largest stablecoin in terms of market capitalization and today the USDT market capitalization is about $67.95 billion.

Bro just smooth brain talk with us… this good or bad?

– Ajet (@ajetluka) October 3, 2022

The entire valuation of Tether is equivalent to 7.044% of the $966 billion crypto economy. Furthermore, tether’s trading volume on October 3 represents more than half of the overall trading volume of the crypto economy worldwide.

In the last 24 hours, the entire crypto economy has recorded a global trading volume of $48.43 billion, while tether’s trading volume has reached $1.5 billion. USDT accounted for $28.63 billion in transactions.

“As promised, Tether will once again demonstrate a commitment to transparency in our upcoming quarterly certification“, Tether explained in a note sent Monday. “Portfolio updates to watch include a reduction in commercial paper, which now accounts for less than $50M of its reserves, and holding 58.1% of its assets in U.S. Treasuries.“

“In the next attestation report, Tether will continue to validate the business, the strength of its reserves, and further solidify its position as a leader in the stablecoins“, added the representative of Tether Holdings Limited.