The issuer of the stablecoin USDT, Tether Holdings Limited, reduced during the first quarter of the year its reserves in commercial paper by 17%.
By the end of the second quarter, the company intends to reduce the amount of collateral in these assets by another 20%.
According to an audit report from accounting firm MHA Cayman, during the first three months of 2022, the company's reserves in commercial paper fell from $24.2 billion to $20.1 billion.
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As of March 31, Tether's total assets exceeded $82.42 billion. According to CoinGecko, the USDT market offering is valued at $74.12 billion at the moment.
According to the report:
"The consolidated group’s reserves held for the digital tokens issued exceeds the amount required to redeem the digital tokens issued."
According to MHA Cayman specialists, there has been an increase in the share of USDT collateral in US Treasury bills. Its volume has increased from $34.5 billion to $39.2 billion, while the company's reserves in cash deposits, on the contrary, decreased from $4.2 billion to $4.1 billion.
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