revealed The stablecoin issuer, Tether, said it now holds no commercial paper after months of gradually reducing its holdings of commercial debt to its reserve assets.

The development comes less than two weeks after the company announced it was reducing its exposure to commercial paper to less than $50 million.

Commercial paper is a short-term, unsecured debt issued by companies.

Commercial paper is generally considered more stable than US Treasuries.

According to today’s announcement, the commercial paper has been replaced by US Treasury Bills (T-Bills).

It told the company that Tether’s business debt holdings were about $30 billion as of July 2021 before it hit zero with no losses.

Read:Furniture giant IKEA starts using the Ethereum network

Tether announced on her blog that:

Today, the goal of bringing the number down to zero has been achieved.

The company said the move is part of its efforts to increase transparency and support its stablecoins with safer and more liquid reserves in the market.

The reduction of commercial paper to zero demonstrates Tether’s commitment to backing its USDT cryptocurrency with the safest reserves in the market.

The company added that this is a step towards greater transparency and trust, not just for Tether but for the entire stablecoin industry.

Tether did not specify the percentage of T-bills in its portfolio in the last update.

On September 30, 2022, the company announced that its investment in US Treasury bills amounted to 58.1%.

Read:Telegram responds to accusations from the US Securities and Exchange Commission (SEC)

Read also:

Has Bitcoin bottomed out after CPI data? Or is there still more decline?

Find out the final ruling date in the case of Ripple and the SEC, according to the CEO of Ripple