Giant stablecoin company Tether wants to completely free its reserves of dollar-pegged stablecoin Tether (USDT) from financing bills.
Tether’s picture on Wednesday in the statement He denied claims that 85 percent of the company’s financing bill portfolio consisted of Chinese or Asian financing bills and traded at 30 percent cheap.
Saying such claims are “totally false,” the stablecoin company reiterated that more than 47 percent of its USDT reserves now consist of US Government Bonds. In Tether’s reserve report in May, financing bills account for less than 25 percent of USDT reserves. had announced.
According to the latest statement, Tether continued to reduce the ratio it allocates to financing bills in its portfolio, and the reserve, which was around $21 billion on March 31, decreased to $ 11 billion today. The company aims to reduce its financing bond reserve to $8.4 billion by the end of June, and ultimately to divest it entirely.
In the announcement, the company stated:
“Our reserve will thus see zero without any loss. All bonds expire and will all be converted into short-term government bonds.”