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Tether promises to reduce commercial paper holdings to zero

Tether promises to reduce commercial paper holdings to zero

Stablecoin issuer Tether (USDT) has vowed to cut its share of commercial paper from its current $3.7 billion to zero no later than November.

According to Tether, the initiative is a commitment to the community to create a diversified portfolio with risk limits on individual issuers or assets. Earlier, Tether Limited CTO Paolo Ardoino recalled that a year ago, commercial paper in USDT reserves was valued at $30.8 billion. Their position will be reduced to ~$200 million in a month. However, he did not provide supporting documentation of the current structure of the stablecoin collateral.

Recall that in June, the media reported the popularity of short positions on USDT amid the market's negative phenomena and the Terra ecosystem's collapse. At that time, Ardoino said that the company converted about 7 billion tokens into fiat money representing almost 10% of total assets. 

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