Tether Project Weekly Report (0613-0619)
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On June 15th, Tether, the parent company of USDT, stated that it condemned the false rumors about its commercial paper. There are rumors that 85% of its commercial paper portfolio is backed by Chinese or Asian commercial paper and traded at a discount of 30%. . In its latest assurance opinion, Tether announced that more than 47% of total USDT reserves are currently backed by U.S. Treasuries, while commercial paper accounts for less than 25% of USDT reserves. Tether said its commercial paper portfolio will gradually be reduced to zero without any losses. After all commercial paper matures, the relevant funds will be transferred to short-term US Treasury bills. Tether stated that with regard to the recent events affecting the Celsius lending platform, Tether has no losses, and Tether currently has zero exposure to Celsius. Rumors that Tether provided loans to Three Arrows Capital are absolutely false.
https://news.cnyes.com/news/id/4892456
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Jinse Finance reported that Tether’s official website published an article “USD₮ – The Blueprint for Private Stablecoins”, which pointed out that Tether’s mortgage stablecoin USDT can still maintain its stability under turbulent market conditions, because USDT’s stability comes from its redemption facility (Verified users exchange USDT to USD at a ratio of 1:1), not its transaction price on the exchange. If the USDT price deviates from $1 on major exchanges, as happened in May, it does not mean that USDT has lost its peg. Whenever USDT deviates from $1 on the exchange, Tether will continue to quickly convert USDT to USD at a ratio of 1:1, and there is no limit to the size of the redemption, which is why Terra/Luna failed, this lesson does not need Learn more.
https://news.cnyes.com/news/id/4893927
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On June 15th, Tether Chief Technology Officer Paolo Ardoino stated that since March 31, 2022, Tether has reduced its commercial paper holdings by nearly 50%, leaving only 8.4 billion commercial papers by the end of June, and will continue to down to 0. In addition, there is no Celsius in Tether reserves, no losses in liquidation, and no exposure to Three Arrows Capital.
https://news.cnyes.com/news/id/4893012
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On June 13th, Tether announced on its official website that although Tether’s investment portfolio does include an investment in Celsius, it only accounts for a small portion of shareholders’ equity, and the difference between this investment and Tether’s own reserves or stability There is no correlation. Additionally, Celsius's Tether lending activity (like any other borrower) has always been overcollateralized, so it has no impact on its reserves.
https://news.cnyes.com/news/id/4890670
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Tether CTO: Tether suffered a DDOS attack, the attack has been mitigated
