{"id":572496,"date":"2022-06-15T12:36:35","date_gmt":"2022-06-15T11:36:35","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=572496"},"modified":"2022-06-15T12:37:29","modified_gmt":"2022-06-15T11:37:29","slug":"tether-rumors-celsius-3ac-exposure","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/tether-rumors-celsius-3ac-exposure\/","title":{"rendered":"Tether Debunks Reserve Rumors, Clears The Air on Celsius And 3AC Exposure"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>The USDT issuer reiterated that its token reserves are backed by assets in the U.S. Treasury and a declining amount of commercial paper.<\/li><li>Tether announced its move to reduce commercial paper holdings to zero earlier in the year.<\/li><li>The stablecoin issuer also disclosed that the company has no exposure to Celsius and its previous position was liquidated with no losses.<\/li><li>Rumors about exposure to Three Arrows Capital are also forced, per the official statement.\u00a0<\/li><\/ul>\n\n\n\n<p>Tether, the issuer of the largest stablecoin in crypto USDT, released an <a href=\"https:\/\/tether.to\/en\/tether-condemns-false-rumours-about-its-commercial-paper-holdings\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/tether.to\/en\/tether-condemns-false-rumours-about-its-commercial-paper-holdings\/\" rel=\"noreferrer noopener nofollow\">announcement <\/a>on Wednesday addressing rumors regarding its reserves. The statement provides further clarity on the company\u2019s commercial paper holdings for its centralized stablecoin.\u00a0<\/p>\n\n\n\n<p>USDT is the top crypto stablecoin with a market cap of over $70 billion. The token is backed by a mix of cash reserves in banks, short-term corporate debts, and the U.S. Treasury Bills as confirmed by Tether\u2019s CTO, Paolo Ardoino.<\/p>\n\n\n\n<p>Reports emerged over the past few days claiming that the digital asset firm has about 85% of its commercial paper portfolio backed by Asian commercial paper trading at a 30% discount. The company insists that these claims are false and merely designed to incite more panic amid uncertain market conditions.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/<br>Tether reduced almost 50% its CP holdings since 31st March 2022. By end of June only 8.4B CP left. CP exposure going to be reduced to 0.<br><br>No exposure to Celsius on our reserves. Liquidated without losses.<br>No exposure to 3AC. <a href=\"https:\/\/t.co\/vPUW3s16Pk\" rel=\"nofollow\">https:\/\/t.co\/vPUW3s16Pk<\/a><\/p>&mdash; Paolo Ardoino (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1536976210428846081?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 15, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The blog post verifies that the USDT issuer has 47% of its total token reserves in U.S. Treasury Bills. Also, commercial paper holdings have reduced to 25% of USDT\u2019s portfolio in line with Tether\u2019s strategy to reduce short-term debts, as EthereumWorldNews <a href=\"https:\/\/en.ethereumworldnews.com\/tether-usdt-reduce-commercial-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">reported<\/a> back in April.<\/p>\n\n\n\n<p>CTO Ardoino has said before that the firm plans to bring commercial paper holdings to zero.\u00a0<\/p>\n\n\n\n<h2>Tether\u2019s Celsius Position Liquidated With Zero Losses<\/h2>\n\n\n\n<p>The stablecoin issuer also disclosed that its position with the lending platform Celsius was liquidated with no loss. According to the blog post, the company only has a small equity investment and has no other exposure to Celsius.<\/p>\n\n\n\n<p>Regarding <a href=\"https:\/\/en.ethereumworldnews.com\/three-arrows-capitals-insolvency-rumors\/\" target=\"_blank\" rel=\"noreferrer noopener\">Three Arrows Capital<\/a>, the statement denied any level of exposure to the service.<\/p>\n\n\n\n<p>Tether is aware of other rumors being spread, suggesting that it has lending exposure to Three Arrows Capital &#8211; again this is categorically false.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether denies Asian commercial paper holdings and Celcius exposure.<\/p>\n","protected":false},"author":55,"featured_media":572497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[7345,1811,108544],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572496"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=572496"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572496\/revisions"}],"predecessor-version":[{"id":572499,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572496\/revisions\/572499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/572497"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=572496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=572496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=572496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}