The Guardian wrote that since the beginning of May, Tether Holdings Limited has purchased $10 billion worth of tokens from USDT holders.

The publication states that users began to switch to fiat during the collapse of the algorithmic stablecoin UST and the LUNA token. According to Tether CTO Paolo Ardoino, on May 12, the price of USDT briefly lost par against the US dollar – after which the issuer used $600 million worth of assets in one day.

Media shows that over the past few days, Tether has used USDT for a total of $2.5 billion. At the time of writing, the stablecoin is trading around $0.99. According to CoinGecko, the capitalization of the asset exceeds $73 billion.

Recall that in the first quarter of 2022, the USDT issuer reduced its reserves in commercial securities by 17%. Tether Holdings Limited plans to reduce the amount of collateral on these assets by another 20% by the end of June.

In May, Circle, the operator of the second largest stablecoin, USD Coin, began providing weekly information on the status of reserves.