Tether is rejecting 'false rumors' as fears over the stablecoin's backing intensify 😬
While the company previously said that its stablecoins were 100% backed by real U.S. dollars, Tether's changed its tune in recent years.
Assurance opinions appear to show USDT is backed by a blend of commercial paper, cash deposits, U.S. Treasury bills and investments in cryptocurrencies. Tether went on to stress that it's reducing its current portfolio of commercial paper — vowing that this will stand at $8.4 billion by the end of this month, adding:The company also sought to play down fears that it could be affected by the struggles engulfing Celsius and Three Arrows Capital.
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