Tether Plans to Reduce Commercial Paper Holdings to Zero

$USDT issuer Tether published a statement, saying that its commercial paper holdings have been reduced to $11 billion from $20 billion at the end of Q1 2022, and will be further reduced to $8.4 billion by end June 2022. Eventually, Tether's commercial paper holdings will be reduced to zero. All commercial papers are expiring and will be rolled into US Treasuries with a short maturity. In addition, Tether stated that it has no losses in the recent events impacting Celsius, and has no lending exposure to Three Arrows Capital.