Stablecoin Tether US Treasury increases, reducing commercial paper holdings in Q1

Tether, the world’s largest stablecoin, reduced its exposure to risky commercial paper in the first quarter of 2022 to মার্কিন 39.2 billion, raising the U.S. government’s debt by more than 13% to 39.2 billion, the company said Thursday.

Stablecoins – a variety of cryptocurrencies designed to maintain a stable standard – have been in sharp focus since the crypto sector closed last week.

As the cryptocurrency depreciated, Teether broke its 1: 1 peg with the dollar, falling below 95 cents, according to CoinMarketCap, before recovering.

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In his first report on the state of its reserves since the sale, Teether said it had reduced the risky commercial paper – short-term debt issued by companies – by about 17% to 19.9 billion.

Since writing the Q1 report, Tether has reduced its commercial paper by an additional 20%, Tether Chief Technology Officer Paolo Ardoino said in a statement.

Stablecoins, usually managed by reserves of traditional assets such as dollars, gold and government debt, are widely used in cryptocurrency trading.

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