The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

After TerraUSD (UST) De-Pegging Scare, Tether (USDT) Releases Report Claiming It Has Fully Backed Reserves

by Daily Hodl Staff
May 20, 2022
in Altcoins

As the most recent crypto market crash is putting the spotlight on stablecoins, one of the leading dollar-pegged tokens says its valuation remains secure.

In a new post, Tether Holdings Limited announced that not only is its signature product Tether (USDT) backed by more assets than liabilities, the company is reducing its commercial investments in favor of treasury bills backed by the US government.

According to the report, the MHA Cayman accounting firm conducted an independent audit of Tether’s holdings as of March 31st of this year. Findings include a reduction in commercial paper holdings by 16.9% compared to the previous quarter, down from $24.2 billion to $20.1 billion.

At the same time, Tether claims to have increased its allocation into money market funds and treasury bills by 13.6%, rising from $34.5 billion to $39.2 billion.

Other data points include,

“Consolidated total assets amount to at least $82,424,821,101.

The consolidated group’s consolidated assets exceed its consolidated liabilities.

The consolidated group’s reserves held for the digital tokens issued exceeds the amount required to redeem the digital tokens issued.”

Tether’s chief financial officer Paolo Ardoino notes that Tether has reduced its commercial paper exposure by an additional 20% since April 1st.

While addressing recent challenges affecting the crypto space, including the crisis sparked by Luna Foundation Guard’s TerraUSD (UST) de-pegging from the US dollar, Ardoino says,

“Tether has maintained its stability through multiple black swan events and highly volatile market conditions and… has never once failed to honor a redemption request from any of its verified customers.

This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative, and liquid.”

Like most stablecoins, Tether historically zigzags up and down within tiny fractions of a penny of its dollar peg. However, the UST collapse caused USDT to rise as high as $1.01 on May 11th and then fall to $0.99 a day later. The altcoin has since stabilized and is currently valued at $0.999398.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Blue Planet Studio/WindAwake

Submit a Press Release

Industry Announcements

  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
  • Bitcoin.com’s VERSE Token Now Available for Trading on Kucoin
    May 29, 2023
  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,019.24
$27,019.24
2.73%
Ethereum
$1,862.87
$1,862.87
2.38%
Cardano
$0.375214
$0.375214
0.91%
XRP
$0.514888
$0.514888
1.74%
Dogecoin
$0.07164
$0.07164
1.28%

Spotlight

  • Top Analyst Predicts Strong Short Squeeze for Bitcoin to $30,000 – But There’s a Big Catch
    May 24, 2023
  • Dogecoin Whale Transfers Over $396,800,000 in Series of Transactions – Here’s Where the Crypto Is Going
    May 24, 2023
  • Here’s What’s in Store for Pepe, Chainlink, Avalanche and One Additional Altcoin, According to Popular Analyst
    May 24, 2023
  • Wall Street Execs Preparing for US Debt Default, Potential Collapse in Mortgage and Stock Markets: Report
    May 24, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl