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TETHER ANNOUNCED ITS INTENTION OF REMOVING ALL COMMERCIAL PAPERS

TETHER ANNOUNCED ITS INTENTION OF REMOVING ALL COMMERCIAL PAPERS 

Tether is slowing down its hold on trading paper in line with plans, a firmcoin company reported on Friday. It has reached a target of $ 8.4 billion in transaction paper, according to targets first set last month, and will continue to reduce its holdings in the future.


On July 31, $ 5 billion of Tether commercial paper will expire, leaving the company with $ 3.5 billion in its portfolio. As a result, savings will become a major component of the company's finances, the report emphasizes.


Tether stablecoin USDT had about $ 20.1 billion in trade paper support since March 31. A quarterly confirmation of the company said that a percentage of its transaction paper was rejected and its reserves fully supported.



Stablecoin slowed down briefly in May amid widespread market turmoil. On June 15, two days after Celsius' cryptocurrency lending platform announced its suspension of withdrawals, Tether issued a statement refuting rumors that 85% of that portfolio was trading in Asian and Chinese trading paper at a significant discount. Tether said at the time he intended to reduce his portfolio of commercial paper to zero. The USDT market average dropped to less than eight months, down from $ 70 billion, a few days later.



These are not all Tether stability issues, though. Tether chief technology officer Paolo Ardoino said on Twitter long Monday that stablecoin was "attacked" by hedge funds. He went on to say that the same hedge funds "believed and helped the entire FUD broadcast truthfully in the months [and years]."

Source: cointelegraph




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