.Tether_to will further reduce its dependence on commercial paper
Tether's reserves have been the subject of heated debates for years, with some critics arguing that its stablecoin could beLast May, Tether published a breakdown of the reserves that back its controversial USDT stablecoin for the first time. The pie chart revealed that a whopping 65.39% of the company's reserves were backed by unspecified commercial paper, a form of short-term debt issued by companies in order to raise funds.
The revelation hardly managed to quell concerns about USDT's sustainability since it was not clear which companies issued the commercial paper that comprised the majority of Tether's reserves. Last September, the stablecoin issuer denied holding any commercial paper of the embattled Chinese real estate developer Evergrande.
JPMorgan's analysts opined that Tether was having a hard time finding a bank that would be willing to take deposits from the biggest issuer based on the composition of its reserves. In the fourth quarter, the company announced that it had reduced its commercial paper holdings by 21% while substantially increasing the share of Treasury bills. Commercial debt currently comprises less than a third of the company's reserves.
Tether is obliged to publish quarterly breakdowns of its reserves as part of the settlement agreement that was reached with the New York Attorney General's Office that was reached in February. Circle, Tether's main competitor, does not produce such breakdowns.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Bitfinex and Tether Launch Public Fund to Support Salvadoran Families Affected by Gang Violence – Bitcoin NewsBitfinex and Tether have recently announced a cryptocurrency fund directed to help Salvadoran families affected by the violence happening in the country
Weiterlesen »
Austin ISD budget to cut hundreds of jobs, increase teacher and staff payThe board of trustees will review the budget at Thursday's meeting. The new balanced budget, which is being done for the first time in a decade, could be approved by June.
Weiterlesen »
Rachel Maddow to cut back her MSNBC show to once a weekAfter working her customary five nights a week for the rest of April, Maddow said, she will work on Monday nights only starting in May. The network said it...
Weiterlesen »
‘American Song Contest’: New Jersey didn’t make cut, but Brooke Alexx could hang onAlexx brought her original song 'I Don't Take Pictures Anymore' to the national competition.
Weiterlesen »
MSNBC’s Rachel Maddow to Cut Back on Nightly Hosting, Will Go Weekly Beginning in MayMaddow said at the top of her program that beginning next month, she will only be hosting her 9 p.m. show on Monday nights.
Weiterlesen »
Stephen Silas won’t cut Rockets as much slack next seasonWhile the coach and GM Rafael Stone hardly envision championship contention in 2023, they...
Weiterlesen »