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Tether will increase its holdings in U.S. Treasuries

Tether will increase its holdings in U.S. Treasuries

The company denied claims that its portfolio is 85% backed by promissory notes of Asian companies and is traded at a 30% discount.

The company reports that it intends to increase its holdings in U.S. Treasury bonds by converting money from bills with expired maturities. This announcement also disproves rumors that the platform's portfolio is 85% backed by promissory notes from Asian companies and trades at a 30% discount.

Tether is the issuer of the USDT Stablecoin, backed by the U.S. dollar. In order to maintain the USDT exchange rate, Tether is obliged to hold a permanent untouchable reserve.

“These rumors are completely false and likely spread to induce further panic in order to generate additional profits from an already stressed market,” the report said. Tether reports that bill reserve collateral will drop to $8.4 billion by the end of June 2022, compared to $20 billion at the end of April, and will gradually decline to zero.

Tether's consolidated assets rose from $78.7 billion to $82.4 billion during the quarter, according to a report released in April by auditor MHA Cayman. The group's total assets exceed its total liabilities, the report said.

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