Tether says it has completely eliminated commercial paper from reserves

Smartphone with Tether logo is placed on displayed U.S. dollars in this illustration taken, May 12, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Oct 13 (Reuters) - Tether, the world's largest stablecoin by market value, says it has has completely eliminated commercial paper from its reserves and has replaced those investments with U.S. Treasury bills.

Tether eliminated $30 billion of commercial paper without any losses, according to a company blog post.

In August, Tether reported that it had reserves worth $66.4 billion as of the end of June, down from $82.4 billion at the end of March.

Tether has said that it would aim to release monthly reports on the status of its reserves by the end of the year.

Reporting by Hannah Lang in Washington

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