LONDON (Reuters) – The stablecoin Tether has the majority of its reserves in U.S. Treasuries, having dropped its exposure to commercial paper over the last six months, its chief technology officer Paolo Ardoino said in a Twitter Spaces chat on Thursday.
Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents around 0724 GMT, according to CoinMarketCap price data.
Ardoino did not say what proportion of the reserves are currently held in commercial paper but said that it is “still going down” and that a quarterly update on the reserves would be available later in the month.
(Reporting by Samuel Indyk and Elizabeth Howcroft; Editing by Saikat Chatterjee)
