Tether continues to reduce the amount of commercial paper it backs its assets.
Tether CTO Paolo Ardoino said US Treasury bonds make up the bulk of the company’s reserves. He tweeted about this, specifying that as of September 30, Tether holds about 58.1% of its assets in US Treasury bills. As early as June 30, 2022, it was 43.5%.
Subscribers asked Ardoino: when does he expect the next Tether transparency update to be published? The top manager replied that the deadline is usually 45 days, but with new auditors, the company is trying to speed up the process and reduce the time.
The latest assessment data, released in August, shows that the company’s exposure to commercial securities has indeed fallen to less than $50 million:
“In the upcoming attestation report, Tether will continue to validate the strength of its reserves and further solidify its position as the industry’s leading stablecoin.”
The U.S. Securities and Exchange Commission (SEC) said last week that Friedman LLP, which previously provided Tether audit services, violated public company accounting oversight standards.
Source: Bits
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