Tether, the world’s most widely used cryptocurrency operator, said it has cut commercial paper in its reserve-backed reserve by $ 74 billion by disclosing its stock, while dollar-bound assets are being tightened. by regulators. From the report: Tether Holdings had assets totaling at least $ 82.4 billion as of March 31, along with liabilities of $ 82.2 billion relating to digital tokens it issues, according to MHA Cayman of the Cayman Islands. Tether is an issuer of USDT, a stablecoin that relies on a reserve in U.S. dollars and equivalent dollar assets to maintain pegging to each other with currency. The quality of these reserves has previously been questioned due to over-reliance on assets with limited liquidity, with Tether criticized for lack of transparency in the matter.

The crypto company came into the spotlight last week after the collapse of Terra’s algorithmic stablecoin, which briefly knocked the USDT off the peg to the dollar amid mass market instability. In a statement on Thursday, Tether noted a 17% drop in its commercial paper to $ 20.1 billion from the previous quarter, adding that from April 1, it had completed a further 20% reduction in that amount, which will be included in its future report for second quarter. Conversely, Tether said it has increased its investment in U.S. money market funds and treasury bills, up more than 13% to a total of $ 39.2 billion. The average rating of its commercial papers and certificates of deposit rose from A-2 to A-1, while collateral loans fell by $ 1 billion.

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