Wednesday, September 28, 2022
HomeAltcoinsTether reduces commercial paper by 21 per cent in the recent reserves...

Tether reduces commercial paper by 21 per cent in the recent reserves attestation

During the last two months of last year, Tether cut its reserve allocation to commercial paper by more than one-fifth. It went from about $30.5 million to $24.16 million.

As part of an $18.5 million court settlement with the Office of the New York Attorney General, Tether is legally required to disclose its reserves every quarter beginning in February 2021. The company is accused of lying about the amount of money it used to support USDT in 2017 and 2018. The latest attestation was performed by Cayman Islands-based accountants MHA Cayman and provides a breakdown of Tether’s reserves as of December 31, 2021.

Tether’s reserves have changed significantly since the last report in late September. Its cash and bank deposits dropped 42% to $4.187 billion, while its allocation to money market funds increased 200% to $3 billion and its treasury bills increased 77% to $34.52 billion.

According to Tether’s attestation, $13.93 billion of its commercial paper has a maturation window of 0–90 days, $9.94 billion has a maturation window of 91–180 days, and $823 million has a maturation window of 181–365 days. Anyone selling commercial paper with a maturity date of more than 270 days (nine months) must register it with the Securities and Exchange Commission (SEC).

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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