According to reports, stablecoin issuer Tether Ltd. refuted speculation that its USDT stablecoin was backed by commercial paper issued by the Chinese real estate giant Evergrande Group.
Tether’s external spokesperson Alex Welch said in an email on Wednesday: “Tether does not hold any commercial papers or other debts or securities issued by Evergrande, and has never done so... As we have issued in the statement and recently As stated in the guarantee certificate, the report date is June 30, 2021, and most of the commercial papers held by Tether are issuers rated A-2 and above." Tether revealed in May 2021 that the USDT stablecoin is backed by a combination of cash, U.S. Treasury bonds and other assets, and nearly half of its reserves are backed by commercial paper. However, the company declined to disclose the issuer of the commercial paper, only announcing the rating.
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