The move comes after Tether hired BDO Italia as its accounting firm and after the stablecoin issuer's quarterly attestation revealed a decline in its holdings of commercial paper.
The move comes after Tether hired BDO Italia as its accounting firm and after the stablecoin issuer's quarterly attestation revealed a decline in its holdings of commercial paper.
Tether's holdings of commercial paper decreased to less than $50 million.
The CTO of Tether claims that a sizable portion of the company's USDT reserves are held in US Treasuries. On Monday, Tether's CTO Paolo Ardoino tweeted about an upgrade to the company's portfolio.
The Tether CTO responded, "Deadline is normally 45 days—But with the new auditor, we're strengthening systems to minimise timelines," in response to a question on when Ardoino anticipated Tether's upcoming transparency update to be published. The announcement comes after the business hired BDO Italia as its accounting firm and released its quarterly attestation of its reserve holdings in Tether. Tether stated at the time that it intended to get rid of all of its holdings of commercial paper by the end of the year.
The attestation released in August demonstrates that Tether's exposure to commercial paper holdings was reduced, while the most recent update reveals that Tether's current holdings of Treasury reserves have increased by 14% since June 30, 2022. However, the amount of commercial paper has decreased to less than $50 million.
Tether's CTO responded that the update was "excellent" when asked to "smooth brain speak" the tweet and asked if it was a good or bad update. The market capitalization of Tether, which is the largest stablecoin by that measure, is at around $67.95 billion.
The $966 billion cryptocurrency market is equivalent to 7.044% of the total value of Tether. Furthermore, on October 3, tether's trade volume accounted for more than half of the total global trade volume in the crypto market.
The total volume of trading in the cryptocurrency market over the last day was $48.43 billion, with USDT accounting for $28.63 billion of those transactions. Tether (USDT) is currently coupled with 64.53% of BTC trades, while on October 3, USDT accounted for 34.27% of ETH swaps. As promised, Tether will again show its dedication to transparency in its upcoming quarterly attestation, according to a statement the company delivered to Bitcoin.com News on Monday. A decrease in commercial papers, which now make up less than $50 million of its reserves, and the holding of 58.1% of its assets in U.S. Treasury bills are two portfolio developments to watch for.
The spokesman for Tether Holdings Limited continued, "Tether will continue to validate the business, the strength of its reserves, and further strengthen its position as the industry's premier stablecoin."
