What Backs Tether? 58% US Treasurys and a Mess of Other Stuff
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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
On this week’s episode of Macro Markets, Cointelegraph analyst and writer Marcel Pechman explores the United States debt downgrade by Fitch Ratings. According to Pechman, this change signaled diminished confidence in the U.S. government’s ability to handle its fiscal responsibilities. The downgrade nudged investors into a cautious stance, leading many…
The International Monetary Fund released a detailed study on Thursday that reviews the fast rise of stablecoins and the state of rules meant to guide their use. The document outlines how major regions, including the United States, the United Kingdom, Japan, and the European Union, have each set up their…