What Backs Tether? 58% US Treasurys and a Mess of Other Stuff

In its latest quarterly assurance report, Tether indicates the top stablecoin’s reserves have seen a reduction in undisclosed commercial paper holdings in favor of US Treasurys. The report, effectively a screenshot of USDT’s backing as of September 20, 2022, asserts Tether’s total consolidated assets exceed its liabilities and that its reserves remain liquid. There was about $60 billion in USDT circulating the crypto ecosystem at the time. “With at nearly zero, more US than ever before, and highly liquid investments, Tether is the most utilized stablecoin on the market,” Paolo Ardoino, Tether CTO said. USDT was