Tether has falsely rumored that USDT stablecoin reserves are backed by 85% with Chinese commercial papers trading at 30% discount.

Tether Condemns False Rumors About Commercial Paper Holdings https://t.co/J2Oj4lTNPy

— Tether (@tether_to) 15 June 2022

The firm suggested that the information was already being disseminated by some “coordinated funds” to generate additional profits in a “stressed market”.

The stablecoin issuer reminded that the share of commercial papers in reserves has been steadily decreasing. As of March 31, it was 25%. US Treasuries accounted for 47%.

Since then, in monetary terms, the volume of commercial paper in the company’s portfolio has dropped from $20 billion to $11 billion. By the end of June, the figure is expected to reach $8.4 billion.

According to CoinGecko, the leading stablecoin has a capitalization of approximately $71.4 billion, while the second largest issuance USDC is $54.7 billion.

Tether also emphasized that the liquidation of Celsius positions did not harm the company.

“Tether currently has no affiliation with Celsius other than a small investment in shares of the crypto lending platform,” the statement said.

The information that Tether was lending to Three Arrows Capital, which allegedly had solvency problems, was also falsely named by the company.

Recall that the experts of the Cumberland cryptocurrency OTC platform agreed that the next asset in danger of collapse will be one of the leading stablecoins.