Does tether hold Chinese commercial paper?

“It demonstrated, leading the industry during the biggest black swan events in 2020 and 2022, that its reserves are extremely liquid, of high quality and ready to be made available to support any size of redemption.” Tether said in July last year that it held no Chinese commercial paper at that point.

Was tether backed by Chinese commercial paper in 2021?

Financial documents released by New York’s Attorney General show that Tether was backing its USDT stablecoin in part with Chinese commercial paper as of 2021. The documents, which were obtained by a Freedom of Information Law request made by CoinDesk and Bloomberg, also provide details on Tether’s banking partners and on a $5.1B loan program.

Did tether hold Chinese securities?

According to the documents released by the NY AG, Tether at one point held securities issued by major state-owned Chinese companies including Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. The documents that list the individual securities don’t display at which point Tether held them.

Does tether rely on commercial paper?

Tether’s past reliance on commercial paper is not news. The company, which issues and maintains the world’s largest stablecoin by market capitalization, acknowledged putting funds in commercial paper in 2021. But the extent to which the company relied on this type of asset was not previously known.