The volume of reserves placed in US Treasury bills by “stable coin” issuers reached $80 billion with a share of 2%. Cointelegraph writes about this, citing a JPMorgan report.

Tether Limited, Circle and other companies outperformed Warren Buffett’s Berkshire Hathaway and non-state money market funds on this measure.

Data are as of the end of May 2022.

Previously, Tether Limited and Circle promised to replace some of the stablecoin collateral placed in commercial papers with US Treasury-issued securities.

“Market confidence in USDT as a stablecoin is slowly eroding, and events over the past few months have accelerated that momentum,” the report says.

The bank’s experts cited “excellent transparency and asset quality of USDC reserve assets” as the driver of the trend.

BDO Italia confirmed that the volume of commercial paper in USDT collateral has dropped to $8.5 billion (as of June 30).

Tether Limited has confirmed its plans to reduce its commercial paper stock to $200 million by the end of August, ensuring that these assets are completely divested by the end of the year.

Prior to that, the company’s CTO, Paolo Ardoino, described the idea of ​​shorting USDT by hedge funds as “categorically incorrect”.

Recall that in mid-May, the stablecoin diverged from its peg to the US dollar and tested the $0.94 level, but later returned to the pair.

In July, analysts at Arcane Research predicted that USDC would surpass USDT in terms of capitalization in the fall.

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