Stablecoin Tether's reserves fall by $16 billion in second quarter

Illustration shows Tether logo and U.S. dollars

Smartphone with Tether logo is placed on displayed U.S. dollars in this illustration taken, May 12, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON, Aug 19 (Reuters) – Stablecoin Tether's reserves were worth $66 billion at the end of June 2022, down from $82.4 billion at the end of March, the company said in a statement on Friday.

Tether's holdings of U.S. Treasury bills fell to $28.9 billion in the second quarter, the statement by accountant BDO Italia said, compared to $39.2 billion in the first quarter.

Holdings of commercial paper and certificates of deposit were down to $8.4 billion from $20.1 billion.

Reporting by Elizabeth Howcroft; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

Source:www.reuters.com

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