.Tether_to has continued to reduce its commercial paper holdings, trimming holdings to $8.4 billion from $20.1 billion in two months. Reporting by oknightcrypto.
Stablecoin issuer Tether has cut its holdings of commercial paper by 58% to $8.5 billion, with a further reduction to $3.5 billion expected at the end of the month as it seeks to tackle speculation about the quality of support for its dollar-pegged USDT token.Tether's websiteCommercial paper is short-term unsecured debt issued by companies. Its value depends on the companies that issue it.
It also had $4.1 billion in bank deposits, $6.7 billion in money market funds and $3.1 billion in secured loans. The market cap of Tether's USDT stablecoin has plunged to $66.1 billion from $82.2 billion since May due to an increasing amount of user redemptions following theHedge funds are placing short positions on Tether worth hundreds of millions of dollars, the Wall Street Journal reported., labelling the report on hedge funds shorting USDT as spreading"FUD" .
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