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Tether: USDT backing heavily reduced by corporate bonds

 


The largest provider of the stablecoin USDT, Tether Holdings Limited, has responded to the ongoing criticism of insufficient coverage of its stablecoin USDT and reduced the proportion of corporate bonds pledged as collateral by 58 percentage points in the last few trading months.

As of June 30, the company had $66.4 billion in assets, according to the latest Tether report . This was offset by debts of 66.2 billion US dollars.

According to a recent tweet by CTO Paolo Ardoino , the value of corporate bonds used to hedge debt was $ 8.5 billion at the end of the second quarter of 2022.

This more than halved the portion of corporate bonds considered less risky relative to US Treasuries from $20 billion at the end of the first quarter.

Tether believes future quarterly reports, now being prepared under the oversight of reputable auditing firm BDO Italia, will result in improved transparency of the company's financial statements.

With this move, Tether Holding is trying to regain lost investor confidence and, at the same time, to counteract possible lawsuits by the New York Attorney General .

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