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Tether, the world’s largest stablecoin, has slashed back its commercial paper holdings to zero, replacing them with U.S. Treasury bills. The disclosure is a part of the continuous initiatives of Tether to improve transparency, with investor protection at the forefront of the reserve management of the organization. Tether has proven its dedication to backing its tokens with the safest reserves on the marketplace by cutting commercial papers to zero. This advances transparency and confidence for Tether and the entire stablecoin sector. https://twitter.com/Tether_to/status/1580600942323720192
Increased Supply of Commercial Paper Tether token
Commercial paper Tether token supply has increased from 2 billion to around 68.4 billion over the past three years, according to statistics. The market value of the Tether is $68.4 billion. The statement said that Tether has pioneered the industry in transparency, providing assurances every three months and continually examining the makeup of its reserves.
Commercial Paper- Short-Term Unsecured Debt
Commercial paper is a type of short-term, unsecured debt issued by businesses and observed as less dependable than Treasury bills. According to Paolo Ardoino, Tether's Chief Technology Officer, 58.1% of its holdings were in T-bills as of 3rd October, which increased from 43.5% in June. However, the exact number is unknown. Ardoino did mention in a post published on Thursday that Tether was able to pay $7 billion, or 10% of its reserves, in less than 48 hours. https://twitter.com/paoloardoino/status/1580613290312376320 In the past year, trust difficulties have specifically affected the stablecoin segment of the cryptocurrency industry.
Tether Launched USDT Stablecoin On NEAR Blockchain
In mid-September, Tether Operations Limited launched Tether tokens linked to the U.S. dollar (USD) on the NEAR Network. NEAR is the thirteenth blockchain to host USDT. Tether asserts that the inclusion of USDT on NEAR will strengthen the ecology of the blockchain network. On NEAR, 700 projects are currently being developed or are active. According to Tether, their users may now transfer money in and out of that ecosystem and make yield using USDT.