The share of USDT collateral in commercial securities has decreased

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In the first quarter of 2022, the USDT stablecoin issuer, Tether Holdings Limited, reduced its reserves in commercial securities by 17%. By the end of the second quarter, the company intends to reduce the amount of collateral in these assets by another 20%.

In three months of 2022, the company’s commercial securities reserves fell from $24.2 billion to $20.1 billion, according to an audit report from accounting firm MHA Cayman.

As of March 31, Tether’s total assets are over $82.42 billion. According to CoinGecko, USDT’s market supply is valued at $74.12 billion at the time of writing.

“The reserves of the consolidated group, created against the issued digital tokens, exceed the amount necessary to repay them,” the report says.

MHA Cayman specialists also noted an increase in the share of USDT collateral in US Treasuries. Their volume increased from $34.5 billion to $39.2 billion. The company’s reserves in cash deposits, on the contrary, decreased from $4.2 billion to $4.1 billion.

The share of the “other investments” category remained almost unchanged at $4.96 billion ($5.02 billion last quarter). This group includes all digital assets that are used to back USDT. What kind of tokens in question is not specified.

On May 12, amid the collapse of the cryptocurrency market, the price of USDT briefly lost parity against the US dollar.

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Source: Cryptocurrency

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