Tether is reducing its commercial paper holdings on pace with plans, the stablecoin company reported Friday. It has reached the target sum of $8.4 billion in commercial paper, as per intentions first disclosed last month, and will continue to reduce its holdings in the immediate future.
On July 31, $5 billion of Tether’s commercial paper holdings will expire, leaving the company with $3.5 billion dollars’ worth in its portfolio. As a result, treasury reserves will make up a larger proportion of the company’s reserves, the report emphasized.