Tether publishes its reserves breakdown for the first time.
According to the report, 76% of the company’s reserves are held in cash and cash equivalent, short-term deposits, and commercial paper.
Tether, a stablecoin issuer has for the first time in its seven years in operation released a breakdown of its reserves holding. According to the breakdown dated 31st March 2021, close to 76% of the company’s reserves are held in cash and cash equivalent, short-term deposits, and commercial paper.
📢Tether releases quarterly information about the composition of its reserves backing issued tether tokens ⬇️https://t.co/LP72rAuDtz
— Tether (@Tether_to) May 13, 2021
The cash and cash equivalent category saw commercial paper representing a 65% share. In the same category, the fiduciary share was 24%, treasury bills had a 3% share, reverse repo notes had a 3.6% share, and actual cash represented 3.87%.
Stuart Hoegner, the general counsel of Tether in his explanation of why the act
