Stablecoin issuer Tether on Friday published results of its latest quarterly assurance opinion, completed by public accounting firm BDO.
A quarterly assurance opinion is a method used by stablecoin issuers to assure the market that their coins are backed by real assets. It involves assessing and analyzing different operations, processes, and procedures.
The report reveals it holds $28.9 billion in US Treasury bills, $6.8 billion in money market funds, cash and bank deposits of $5.4 billion, reverse repurchase agreements of almost $3 billion and non-US Treasury bills of $397 million.
It also shows a more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20 billion to $8.5 billion.
"As previously announced, the exposure to commercial papers will be down to 200m by the end of August 2022 and to zero before the end of the year," a post on Tether's website says. "During the same period, Tether has increased its holdings of cash and bank deposits by 32%."
“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 Paolo Ardoino, CTO of Tether, in a statement. "Our commitment to transparency and the community is a long-standing pillar in the underlying ethos of the company and aligns with our responsibility as a market leader."
The report comes weeks after the stablecoin issuer said that it holds no Chinese commercial paper.
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