Tether Drops All Commercial Paper from Reserves in New Transparency Push
Source: Unsplash The stablecoin issuer Tether has finally eliminated its exposure to commercial papers, replacing them with much more liquid and secure US Treasury Bills. According to an announcement from Tether, the move to eliminate its commercial paper holdings and replace it with US Treasuries is part of a push to increase transparency and confidence among users of the popular USDT stablecoin. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry,” Tether said in the announcement. Source: Tether.to Members of the crypto community welcomed the news from Tether on Thursday, with for instance VanEck strategy advisor Gabor Gurbacs writing on Twitter that USDT’s backing “looks less risky to me than most bank balance sheets.” Tether...