Major stablecoin issuer Tether reiterated that The company plans to phase out its short-term bond for the USDT stablecoin coin entirely.
In a blog post on Wednesday, Tether said “We have no short-term Chinese bonds today,” while total short-term debt holdings fell to $3.7 billion from $30 billion last year.
By late August 2022, Tether said it plans to reduce its short-term bond holdings to $200 million, aiming to have no holdings by the end of October.
“Tether continues to make sure it has a diversified portfolio. with holding restrictions on each issuer or asset and reducing short-term debt is a commitment to our community,” the company said.
The post is in response to ongoing FUD news about Tether, with some reports claiming that 85% of Tether’s short-term bond portfolio is owned by China or Asia. Tether previously denied the report in mid-June, stating that the allegations “Totally false.
In a recent blog post, Tether pointed out that the false reports are “The biggest threat to the cryptocurrency industry today.”
“It’s a daunting threat like a scam, hack, or cyberattack. This is because the spread of false information not only jeopardizes the industry’s reputation. but also to all members of the community.”
The post Tether reveals that it doesn’t hold China’s “short-term bond” denying 85% of the FUD’s holdings appeared first on Bitcoin Addict.