The issuer of USDT, Tether, is sick of rumors spreading around and had to once again refute claims of Chinese commercial paper exposure in its portfolio.
In a blog post, Tether noted that “the spreading of false information is the biggest threat to the cryptocurrency industry that currently exists.”
Just last month, Tether had to refute claims regarding its commercial paper portfolio when rumors started circulating that 85% of it is backed by Chinese commercial papers.
At present, Tether’s total exposure to commercial paper has been reduced yet again, to just 3.7B from 30B in July 2021.
A further reduction to 200M is expected to take place by the end of August 2022 and zero by the end of October or early November 2022.
A while after this announcement, Paolo Ardoino, CTO of Tether and Bitfinex, took a dig at CoinDesk saying that “I love how Coindesk likes to recycle FUD around Tether.”
Currently, reports on ‘will USDC overtake USDT as the top stablecoin’ are floating around in the community. Recent research by Arcane predicts that USDC will take over USDT’s spot by October 10th, 2022.
The company that owns CoinDesk, Digital Currency Group, actually has investments in Circle, the creator of USDC, and Tether’s main rival.
Tether concluded its blog post by saying that “Tether is determined to lead the stablecoin market through the next wave of adoption and it will do so proudly regardless of critics and rumors.”
