Tether’s stablecoin (USDT) collateral portfolio does not include securities issued by Chinese companies. Its issuer has pledged to reduce its share of commercial paper from the current $3.7 billion by November at the latest.

#bondIts portfolio has no Chinese commercial paper and as of today, its total commercial paper exposure has been reduced to only ~3.7 billion (from 30 billion in July 2021) with plans to further decrease to ~200 million by the end of August 2022 and late October/early November 2022. up to zero. https://t.co/u91A2sq3bU

— Paolo Ardoino 🕳🥊 (@paoloardoino) 27 July 2022

CTO Tether Limited Paolo Ardoino reminded that a year ago, the commercial note in USDT reserves was estimated at 30.8 billion dollars, the position in them will be reduced to ~ 200 million dollars in a month.

The top executive did not provide supporting documents for the current composition of the stablecoin collateral.

The venture is a commitment to the community to build a diversified risk-limited portfolio between individual issuers or assets, according to the issuer’s website.

The move aims to “fight misinformation and protect the reputation of the cryptocurrency ecosystem.”

Recall that in June the media reported on the “popularity” of short positions in USDT against the backdrop of negative market phenomena and the collapse of the Terra ecosystem.

Ardoino then said that the company is processing the conversion of 7 billion tokens into fiat (~10% of total assets).

On June 18, the stablecoin issuer’s website was subject to a large-scale DDoS attack. At that time, the issuer’s CTO ruled out the impact of the event on his ability to use positions in USDT.

Learn more about how Tether works in our tutorial flashcards.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.