The issuer of the USDT stablecoin, Tether, will reduce its total commercial paper exposure to zero by the end of October or early November 2022, the company’s CTO, Paolo Ardoino, said in a tweet announcement.
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Ardoino reiterated that Tether doesn’t hold any Chinese commercial paper and as of today, its total commercial paper exposure has been reduced to a mere ~$3.7 billion. In May, Tether held a slightly over $20 billion of commercial paper.
“Tether continues to ensure that it has a diversified portfolio with limits to exposure on individual issuers or assets. Its reduction in commercial paper is a commitment to its community,” the company said in a press release.
Meanwhile, Arcane Research analysts forecast there is going to be continued growth in the capitalization of USDC, the main competitor of USDT from Circle. According to the company, USDC’s capitalization will surpass that of USDT in October.
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