Tether eliminates commercial paper from reserves in transparency push

Stablecoin issuer Tether announced Thursday that it was slashing commercial paper, or unsecured promissory notes, from its reserves. It also increased its direct exposure to U.S. Treasuries by more than $10 billion in the last quarter.

Tether has eliminated over $30 billion dollars of commercial paper without any losses. Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market.