The issuer of stablecoin USDT Tether has released official information on its reserves for the first time since 2014.
Companypublished a breakdown with information on reserves. According to the table, 76% of Tether's reserve is held in cash and cash equivalents, as well as in short-term deposits and commercial paper.
Commercial paper accounts for the majority of cash equivalents – 65%. Cash is only 3.8%.
The rest of the reserve is divided into threecategories – secured loans – 12.5% of the total reserve, corporate bonds, funds and precious metals – 10%, and other investments, including digital tokens – 1.6%.
As of May 14, Tether capitalizationis at $ 57 billion. Immediately after launching in 2014, the Tether team stated that each USDT is backed 1: 1 against the US dollar. In March 2019, the information on the official website was updated to “all USDT tokens are 100% backed by Tether reserves”.
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Based on materialswww.theblockcrypto.com
