Tether Claims to Be Done With USDT Commercial Paper Reserves. True or False?

Don't Trust, Verify. Even if transparency is not the first quality of Tether ...

Tether just made a big announcement stating that the USDT issuer would no longer hold any commercial paper in its reserve assets.

Tether @Tether_to

BREAKING: Tether is proud to announce that we have completely eliminated commercial paper from our reserves. This is evidence of our commitment to back our tokens with the most secure, liquid reserves in the market. (1/3)

Following gradual reductions, the goal of zero exposure to a risky debt instrument would thus come at a time when the market's leading stablecoin is regaining momentum and consolidating its leadership position. But the most basic arithmetic, with which Tether seems to be struggling, points to unresolved sticking points.

Don't Trust, Verify.

So it seems essential to go a little further than this Tether announcement to see what's really going on. Analysis.