[spxd]

Another crap. My friend told me...read first.

Last year, Tether revealed that it held some cash but also bought a large amount of commercial paper, which is short-term corporate debt. This raised concerns given that Tether does not disclose exactly which companies it holds commercial paper from, and where those entities are based.

But the company has been reducing the amount of commercial paper in its reserves. In the fourth quarter of 2021, commercial paper made up just over 30% of Tether’s total reserves, down from more than 44% in the third quarter.

“Over time we will keep reducing the commercial paper, we aren’t finished yet with the reduction,” Paolo Ardoino, chief technology officer of Tether and affiliated cryptocurrency exchange Bitfinex, told CNBC on Wednesday at the Paris Blockchain Week Summit.

[c7b]

Bloomberg News once tried to track down Tether's supposed commercial paper holdings [0]. It's a small market with just over a dozen major players, and Tether's claimed holdings would put them in the top 10. Bloomberg called a few of those firms, nobody had ever heard of or transacted with them. This smells of Maddoff 10 miles against the wind.

[0] https://www.bloomberg.com/news/features/2021-10-07/crypto-my...

[CharlesW]

Another good read: https://slate.com/technology/2021/10/tether-crypto-danger-be...