Stablecoin issuer Tether has published a transparency report detailing the breakdown of its $62.8 billion in reserves as of June 30.
The majority — 85% of Tether’s (USDT’s) reserves — was held in the “Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper” category as of the date.
Within this category, commercial paper and certificates of deposit formed the majority, with a 58% share. Treasury bills accounted for 29%, cash and bank deposits for 12%, and reverse repo notes for 2% of the category.
Notably, Tether’s allocation to treasury bills has increased significantly. The amount of treasury bills has increased from 3% of the cash & cash equivalents category in March to 29% of the even bigger category in June. Treasury bills are short-term government debt obligations with a maturity of one year or
