The world’s biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style “bank run.”
Justin Tallis | AFP via Getty Images
Tether, the world’s largest stablecoin, has slashed back its commercial paper holdings to zero, replacing them with U.S. Treasury bills instead, according to a blog post. The popular U.S.-dollar-pegged cryptocurrency said the move is part of tether’s “ongoing efforts to increase transparency” and back its tokens with “the most secure reserves in the market” — in the ultimate hope of ensuring investor protection.
There are now about 68.4 billion tether tokens in circulation, according to data from CoinMarketCap, up from 2 billion three years ago. The cryptocurrency has a market capitalization of $68.4 billion.
“Tether has led the industry in transparency releasing attestations every three months, constantly reviewing the make up of its reserves,” continued the statement.
Commercial paper is a form of short-term,...
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