By Elizabeth Howcroft
LONDON (Reuters) – Tether, the world’s largest stablecoin, increased its holding in U.S. government debt and reduced exposure to riskier securities in the first quarter, the cryptocurrency firm said on Thursday.
Stablecoins – a variety of cryptocurrencies designed to maintain a stable value – are in focus after a recent slump.
Tether broke its 1:1 peg to the dollar as cryptocurrencies fell, according to CoinMarketCap.
In its latest report on the status of its reserves, Tether said it has reduced its exposure to corporate-issued short-term debt.
Since the report was published, tether has reduced exposure to commercial papers by a further 20%, Tether chief technology officer Paolo Ardoino said in a statement.
