Tether, the issuer of USDT, the largest stablecoin in the cryptocurrency market, made a statement about its reserves.
Stating that false and unfounded information is the biggest threat to the cryptocurrency industry, Tether said that it does not have Chinese commercial securities in its reserves to support USDT. Noting that it has halved the risk of commercial paper this month, Tether included the following statements in its statement:
“The spread of false information is the biggest threat to the cryptocurrency industry. The spread of false information puts not only the reputation of the industry at risk, but also every member of the community. In this context, we consider false information to be a threat with the same concern as fraud, hacking or cyber attacks. Tether does not have Chinese commercial securities in its portfolio. As of today, Tether holds a total of $3.7 billion in commercial paper, down 88% from $30 billion in July 2021. Further reduction plans are underway by the end of August 2022. In this regard, the year 2022 We plan to reduce it to zero at the end of October and the beginning of November."
There have been rumors about Tether before that its reserves used to support USDT consist of Chinese bonds. Denying these rumors, Tether stated that the allegations were completely unfounded. Noting that more than 47% of the total USDT reserve is now made up of US Treasuries, Tether stated that commercial bonds account for less than 25% of the USDT reserve.
At the time of writing, the Tether price was recorded as $0.998 according to CoinGecko data, while the last 24-hour trading volume of USDT was $55,127,867,290. USDT price is down -0.2% in the last 24 hours. There is 66 Billion USDT coin supply in circulation, a total of 65.9 Billion USDT coin supply. Binance is currently the most active market where USDT is traded.