Independent Tether Attestation Shows a 58% Decrease in Commercial Paper Holdings

USDT issuer Tether Holdings Limited announced information from an independent attestation about the company’s performance over the preceding quarter. Tether’s assets were evaluated by renowned accounting firm BDO Italia, as of June 30th, 2022.

Tether had previously stated that it would reduce its commercial paper holdings by the end of August 2022. According to the report’s data, commercial paper exposure dropped from $20 billion during the previous quarter to $8.5 billion, a 58% decrease.

CTO of Tether Paolo Ardoino tweeted that the company intended to keep reducing its holdings of commercial paper until they reached $200 million by the end of August and then lower its holdings to zero by the end of October.

Additionally, Tether held consolidated assets worth a little more than $66.4 billion at the time of the review. Nearly 99% of the total consolidated liabilities, which totaled nearly $66.2 billion, were associated with digital tokens.

Following a settlement with the New York Attorney General, Tether started publishing quarterly statements of its stablecoin reserves in May 2021. This development followed a lawsuit against Tether in which it was alleged that USDT did not have full backing in its reserve at all times.

The purpose of these reports, specifically under BDO’s supervision, according to the corporation, is to “reinforce its dedication to transparency.” Regarding the attestation, Ardoino stated:

“The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability, allowing us to build a tool for the global economy.”

One week after the U.S. government sanctioned cryptocurrency mixer Tornado Cash, which contributed to a huge spike in USDT’s circulating supply, Tether's attestation report was made public. According to data from CoinMarketCap, USDT continues to be the largest stablecoin in the world by market capitalization.