Smartphone with Tether logo is placed on displayed U.S. dollars in this illustration taken, May 12, 2022. REUTERS/Dado Ruvic/Illustration
LONDON/NEW YORK (Reuters) - Tether, the third largest cryptocurrency in terms of market capitalization, said the majority of its reserves are in U.S. Treasuries after having reduced its exposure to commercial paper over the last six months, its Chief Technology Officer Paolo Ardoino said in a Twitter Spaces chat on Thursday.
Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents.
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