Stablecoin issuer Tether has wiped out its commercial paper holdings to replace those investments with Treasury bills, which are considered the most safe and liquid securities to hold since they're backed by the government, it said Thursday. "Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market," the company, which launched stablecoin tether (USDT-USD) in 2014, said in a blog post. Note that commercial paper is a type of short-term unsecured debt instrument issued by companies or large banks, making them less stable than Treasuries, for example. T-bills now account for the majority of Tether's reserves, but the company did not specify how much Treasuries are weighted in its portfolio.At the end of September, Tether held 58.1% of its assets in T-bills, compared with 43.5% as of June 30, Tether Chief Technology Officer Paolo Ardoino wrote in a Twitter post earlier in October. Tether's stablecoin (USDT-USD), which is pegged to the U.S. dollar, is the world's largest one with a market cap of $68.4B, according to CoinMarketCap data.Towards the end of May, Tether launches its dollar-pegged stablecoin on ether-native polygon (MATIC-USD).
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