Tether technical director explains: US Treasuries account for more than 58% of USDT reserves
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Answer Tether technical director explains: US Treasuries account for more than 58% of USDT reserves
The USDT reserve has long been the subject of controversy and debate among the crypto community.
According to Tether’s technical director, US Treasuries account for a significant portion of USDT reserves.
Tether Technical Director clarifies the state of the USDT reserve:
Tether CTO Paulo Arduino tweeted about the Tether wallet update on Monday, when asked when he expects to release Tether’s next transparency update, he replied By saying:
The deadline is usually 45 days.
But with the new validator, we’re improving processes to keep timelines even lower.
Read:Cryptocurrency exchange Coinbase obtains a license to provide crypto services in Singapore
Arduino added:
As of September 30, 2022, Tether holds approximately 58.1% of its assets in US Treasuries.
Up from 43.5% on June 30, 2022.
This news comes on the heels of the company’s appointment of accounting firm BDO Italia and the publication of the company’s quarterly certification of Tether’s reserve holdings.
Tether detailed at the time that it wanted to reduce its commercial paper holdings to zero by the end of the year.
Certification published in August shows that the exposure of Tether holdings of commercial paper has decreased, and a recent update showed that the treasury reserves held by Tether today are up 14% from June 30, 2022.
But commercial paper has shrunk to less than $50 million.
Through his tweet, “Arduino” was asked if the update was good or bad, and the chief technology officer of Tether Company replied that it was good, and went on to say:
Tether is the largest stablecoin by market capitalization and today USDT has a market capitalization of around $67.95 billion.
Read:NFT sales in the last 30 days are down 88% from 8 months ago
Tether’s full valuation equals 7.044% of the $966 billion crypto economy.
In addition, the trading volume of the digital currency usdt on October 3 is more than half of the total trading volume of the crypto economy worldwide.
During the past 24 hours, the entire crypto economy recorded $48.43 billion in global trading volume, while the USDT crypto trading volume represented $28.63 billion in transactions.
64.53% of Bitcoin’s share of trades is paired with the cryptocurrency USDT, and USDT trading against Ethereum represented 34.27% on October 3.
On Monday, Tether explained in a statement that:
As promised, Tether will once again demonstrate a commitment to transparency in its next quarterly report.
Read:The oldest bank in America now offers Bitcoin and Ethereum safekeeping
Portfolio updates to look for include a reduction in commercial paper, which now makes up less than $50 million in USDT reserves and 58.1% of its assets are held in US Treasuries.
A Tether representative added:
In an upcoming validation report, Tether will continue to validate the business, the strength of its reserves, and solidify its position as the industry’s leading stablecoin.
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