Tether plans to reduce USDT support with securities

Tether, the issuer of the USDT stablecoin, said that it hopes to completely get rid of “commercial paper backing” for its stablecoin, which is pegged to the U.S. dollar, in the future. In an official statement, the company denied reports that Tether’s securities portfolio is 85% backed by Chinese or Asian commercial paper. The announcement shows that the company is continuing to reduce its current portfolio to a share of $11 billion in securities, a share that should shrink to $8.4 billion by the end of June.