News Snapshot:
[Crypto currency] Tether says it holds zero Chinese commercial paper, denies 85% exposure Major stablecoin issuer Tether has reiterated that the company plans to completely rid itself of commercial paper backing for its U.S.-dollar stablecoin USDT. In a blog post on Wednesday, Tether [said](//tether.to/en/tether-combats-false-information-to-preserve-the-reputation-of-the-cryptocurrency-ecosystem/) it “holds no Chinese commercial paper as of today,” while its total commercial paper exposure has been cut to $3.7 billion from $30 billion one year ago. By late August 2022, Tether said it plans to decrease commercial paper exposure to as low as $200 million, targeting zero commercial paper holdings by the end of October,...
