The recent market meltdown, however, continues to damage Tether. This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative, and liquid.” Tether has maintained its stability through multiple black swan events and highly volatile market conditions and, even in its darkest days, Tether has never once failed to honor a redemption request from any of its verified customers.
“This past week is a clear example of the strength and resilience of Tether. The attestation report, according to Tether CTO Paolo Ardoino, indicates that Tether has appropriate fund reserves. Tether’s investments in money market funds and US Treasury notes have increased by 13%, according to the study. Tether’s total consolidated total assets, according to the attestation report, are roughly $82 billion.įurthermore, the consolidated group’s reserves for the digital tokens issued exceed the amount needed to redeem the digital tokens. Since April 1, 2022, the 17 percent drop in commercial paper holdings has been followed by a 20 percent drop. This has sparked extensive debate over the reliability of stablecoins. The price of Terra tokens dropped by 99 percent due to a lack of reserves to support the supply. This is especially important in light of Terra’s recent environmental catastrophe. According to the corporation, this shows that its consolidated assets outnumber its consolidated liabilities. At the same time, in the first quarter of 2022, the corporation lowered its exposure to commercial paper. The largest stablecoin in the world increased its holdings of US government debt by nearly 13% to $39.2 billion.
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