New Tether Auditor Confirms Slashing of Commercial Paper Holdings

BDO Italia has reaffirmed stablecoin issuer Tether's Consolidated Reserves report showing a 58% quarterly decline in commercial paper holdings to $8.5 billion as of June 30.

• Alongside, Tether confirmed its expectation that commercial papers will be down to $200 million by the end of August and zero prior to the end of the year.
• Tether on Thursday announced BDO Italia as taking over its regular attestation reports and further promised the statements to be published each month rather than once per quarter.
• The BDO report considers Tether's holdings on June 30, confirming at that time it had $66.4 billion in assets, with $28.8 billion in treasury bills, $6.8 billion in money market funds, $5.4 billion in cash, and some other modest holdings in addition to the $8.5 billion in commercial paper.
• “The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy," said Tether CTO Paolo Ardoino on the company's website.

Read more: Tether Reduces Commercial Paper Holdings Almost 60% as It Tackles Quality Concerns