Tether, the world's largest stablecoin, said on Friday it had cut its commercial paper holdings by around 58 per cent as part of an earlier commitment to reduce its exposure to riskier assets.
Usually underpinned by reserves of assets such as the U.S. dollar, gold and government debt, stablecoins are widely used in cryptocurrency trading and Tether is the predominant medium for moving funds between crypto or into regular cash. The token has $8.4 billion of commercial paper and plans to reduce its holdings to $3.5 billion by the end of July, according to a statement.
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