Latest Report by Tether Shows its Commercial Paper Holdings have Decreased by 58%

Tether Holdings Limited, the issuer of USDT recently made an announcement in regards to an independent attestation.

The company has announced that just recently, an independent attestation was carried out. The attestation was for the past quarter’s performance of Tether Holdings Limited.

The name of the independent reviewer was BDO Italia, which assessed the assets of Tether Holdings Limited until June 30, 2022. The top accounting firm shared very interesting and promising data surrounding Tether’s assets.

Tether’s Commitment

Previously, an announcement was made by Tether Holdings Limited surrounding the commercial paper holdings.

Tether Holdings Limited had predicted in the announcement that by the end of August 2022, it would reduce its commercial paper holdings.

58% Reduction in Commercial Paper Holdings

The recent assessment has confirmed that Tether Holdings Limited’s commercial paper holdings have decreased tremendously.

The assessed data confirms that the commercial paper holdings of Tether Holdings Limited had decreased by 58%.

The report confirms that Tether had achieved this reduction by the end of the past quarter. Following the reduction, the holdings for Tether have reduced from $20 billion to $8.5 billion.

Paolo Ardoino Shares Tether’s Future Plans

Paolo Ardoino, the chief technology officer at Tether Holdings Limited talked about the upcoming plans of their company.

The CTO revealed that this is not the least limit they are aiming to hit in terms of paper holdings reduction. Instead, they are aiming to bring the holdings down to millions from billions in the upcoming months.

Ardoino confirmed that by the end of August, they are aiming to bring their commercial paper holdings down to $200 million. This data will show up on their assessment report for the running quarter.

Ardoino stated that by the end of October 2022, they want to bring an end to their commercial paper holdings. He claimed that by October’s end they want to bring their paper holdings down to ‘zero’.

Consolidated Assets

Tether has also quoted the assessment results for the consolidated assets. It has been confirmed that only $66.4 billion are being held by Tether in the form of consolidated assets.

As for the consolidated liabilities, the total amount of assets they have in their management is worth $66.2 billion.

Tether has confirmed that out of the total consolidated liabilities, 99% are linked with digital tokens. It was back in May of 2021 when quarterly statements started getting posted from Tether’s end.

Tether announced that the particular statements would be released on a quarterly basis and it was New York Attorney General who had come to a settlement with Tether on the matter.

Tether had come under pressure after the lawsuit was filed against the company alleging that USDT was not fully backed.