Technical director Paolo Ardoyno provided an update on Tether Holdings.
Stablecoin major Tether has further reduced its holdings of commercial paper to less than $50 million, with more than half backed by US treasury bills.
Tether’s continuous reduction in commercial debt is in line with the firm’s plans unveiled earlier this year.
In an update posted to Twitter on Monday (3 October 2022), Tether CTO Paolo Ardoyno announced that the company’s total US Treasury bond portfolio now stands at 58.1% as of September 2022. This represents an increase from 43.5% as of 30 June.
Ardoyno also mentioned that the firm has reduced its commercial debt to less than $50 million.
The latest development comes shortly after a US district court in New York in September ordered Tether to provide financial statements to access USDT support. The court ruling is in response to a lawsuit filed in 2019, which alleged that Tether and cryptocurrency exchange Bitfinex manipulated the market to release USDT to inflate the price of bitcoin.
Tether responded, saying that the court order was a “routine disclosure order” and “in no way supports the plaintiffs’ unfounded claims”. The stabelcoin issuer added that the company was already planning to produce documents relating to its US dollar reserves.
In August, Tether said it would provide attestation reports every month, as opposed to previous quarterly attestations, and hired accounting firm BDO Italia.