Tether, the company behind the world’s most popular USD-pegged stablecoin, USDT, has condemned “false rumors” that its holdings contain huge amounts of Chinese commercial paper that trades at a discount. The company also denied Celsius (CEL) and Three Arrows Capital-related speculations. Tether said on its website on Wednesday that it is “aware of rumors being propagated that its commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount.” “These rumors are completely false and likely spread to induce further panic to generate additional profits from an already stressed market,” the company said, adding that it “condemns such attempts” at manipulating market prices. Tether Condemns False Rumours About Its Commercial Paper Holdings https://t.co/J2Oj4lTNPy — Tether (@Tether_to) June 15, 2022 Commercial Paper Holdings Tether also cited its most recent assurance opinion as proof of what its reserves are made up of. According to the document, US Treasuries made up roughly 47 percent of USDT’s reserves as of March 31, while commercial papers made up around 25%. The firm also stated that its commercial paper holdings have been further reduced since the most recent assurance opinion and that they will “gradually decrease to zero.” The statement said that “all commercial papers are expiring and will be rolled into US Treasuries with a short maturity.” Additionally, the firm addr...
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