Tether has announced that it has ditched shares of Chinese companies to hold USDT stablecoin reserves, and has also significantly reduced the share of shares of companies from other countries.
Now the total volume of USDT reserves in commercial securities is $4.7 billion. Compared to July 2021, the figure fell by 85% – then Tether held $30 billion in shares of companies. Tether representatives supplemented the information about the changes with a caustic remark:
“This is data for skeptics. Those who continue to spread false information about our reserves – you are wrong.
Previously, about half of USDT reserves were held in shares of commercial companies. Some analysts suggested that the funds could be invested in Chinese corporate papers, which could, under certain conditions, put USDT stability in doubt. At the same time, Tether has not previously denied that it has investments in shares of companies from China.
The current announcement is the first time that Tether has announced the complete absence of Chinese stocks in its portfolio. At the same time, Tether representatives answered evasively when asked about investments in the past. They only said that the reserves were placed in shares with a rating of A2 and above.
In early July, trader and analyst Peter Brandt stated that he did not trust USDT and would never hold assets in this stablecoin. In his opinion, USDT has no place in the current financial system and the stablecoin will collapse in the near future.
Source: Bits
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