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Stablecoin Issuer Tether Reduces Commercial Paper Exposure to Below $50M

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Today’s Cryptocurrency Headline

Stablecoin issuer Tether has reduced its commercial paper holding to less than $50 million, Tether Chief Technology Officer Paolo Ardoino said in a tweet. As of Sept. 30, the company increased its holding of US Treasury bonds to 58.1% of its total portfolio from 43.5 % of its total portfolio as of June 30. In June, Paolo Ardoino said that Tether will reduce its holdings of commercial paper to zero by the end of the year.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totalling US$10.3m last week representing the third week of inflows. Bitcoin is up 1.76% over the last 24 hours and rose to an intraday high of $19,733.08. The largest cryptocurrency and the traditional equity market reacted positively to lower-than-expected US ISM manufacturing PMI, as the market believed the economy was slowing down, inflation would soon be under control, and the Fed could change its hawkish monetary policy. For now, the BTC/USDT pair is trading slightly above the 20-day exponential moving average (EMA) ($19,515). If the price maintains above the 20-day EMA ($19,515), the price could then rise to the 50-day simple moving average (SMA) ($20,221).

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