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The new Tether FUD? The largest stablecoin in the world held reserves of Chinese securities

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The new Tether FUD? The largest stablecoin in the world held reserves of Chinese securities



  • the inclusion of Chinese securities by Tether in its reserve portfolio is confirmed by documents released by the Attorney General of New York.
  • Tether insists that the banking sector was its primary exposure to Chinese commercial paper.
  • The issuer also insists that it did not lose any money last year and had zero commercial paper holdings.

According to documents that were made public by the attorney general of New York, Tether Holdings Ltd.—the company behind USDT—which is the largest stablecoin in the world—used to include securities issued by Chinese companies in its reserve portfolio. Despite the fact that a few crucial details have yet to surface, the revelation confirms what many had guessed for years.

The collection of assets that contribute to the value of a stablecoin is known as a reserve portfolio. The goal of reserves is to maintain a value that is identical to that of the underlying asset. The US dollar serves as the pegged asset in USDT.








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Tether FUD on the Rise

Documents presented by New York Attorney General Letitia James show that Tether has held securities from prominent state-owned Chinese companies, as reported by Bloomberg on Friday. The in question securities came due in either 2020 or 2021. However, Tether’s holdings’ duration is still unknown.

Tether issued a statement denouncing the media coverage in response to widespread coverage.

“In the end, Bloomberg, CoinDesk, or any other media outlet’s decision to present this information to its readers was probably made in a haste and with little regard for the facts or current events. This conduct is not tolerated by us.

The stablecoin maintains that all of its holdings were liquid and issued by reputable international issuers, and that its exposure to Chinese commercial paper was primarily in the banking sector. The Chinese commercial paper was rated at least A1 and had stable issuers.

Tether also emphasized that it had no losses on its commercial paper holdings last year and had reduced its holdings to zero.

The issuer of stablecoin has long had to contend with rumors and speculation regarding its reserves. Tether published another forthright blog almost exactly one year ago condemning the hearsay. In part, the entry said:

“Tether is aware of rumours being spread that its commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and being traded at a 30% discount. These rumours are completely false and likely spread to induce further panic in order to generate additional profits from an already stressed market.”



Tether Depegged This Week, Ardoino Called It an Attack

The revelations affect Tether at a time when the week has already seen its fair share of controversy. Tether’s USDT deviated from its US dollar peg earlier in the week. Paolo Ardoino, CTO of Tether, asserted with force that the issuer was the target of a planned attack.

Holders were reassured by Ardoino that Tether was durable and would emerge stronger. The USDT price dropped to around $0.997 as a result of an imbalance in Curve’s 3pool, which led to the depegging.

The stablecoin market is dominated by Tether (USDT), which easily outperforms its rival USD Coin (USDC) as the most popular and widely used stablecoin. It was the first stablecoin to hit the market when it debuted in 2014. According to CoinMarketCap, its current market value is approximately $83 billion.

Stablecoins have emerged as an essential component of the cryptocurrency ecosystem since their inception. They are likewise a critical part of decentralized finance (DeFi). Stablecoins reduce price volatility, facilitate smooth transactions, and provide liquidity.



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