Paolo Ardoino, CTO of Tether Holdings Limited, has said the share of US Treasury securities in the collateral of the stablecoin USDT has increased to 58.1%. from 43.5% at the end of June.
As a result, the commercial paper position has fallen below $50 million.
The company first announced in May its intention to change the composition of USDT collateral in favor of US Treasury bills.
Ardoino pledged in July to move forward along these lines after the world's fifth-largest auditor confirmed Tether's backing.
USDT is live on the Ethereum, NEAR, Polkadot, Algorand, Avalanche, EOS, Kusama, Liquid Network, Polygon, Tezos, Tron, Solana, Statemine and Simple LEDGER Protocol networks.
The stablecoin issuer and its sister crypto exchange, Bitfinex, settled a dispute with the New York State Attorney General's Office in February last year over the loss of $850 million.
