Cryptocurrencies
Tether’s Second Quarter Lays Bare Impact of Terra Collapse
- Total assets fell by 19% to $66.4 billion, report shows
- Commercial paper was reduced by 58% quarter-on-quarter
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Tether Holdings Ltd.’s total assets dropped by almost 20% in the second quarter, a report showed, demonstrating the impact of increased redemptions on the stablecoin operator’s cryptocurrency in circulation.
The stablecoin operator had assets totaling at least $66.4 billion as of June 30, according to a so-called assurance issued by the accounting firm BDO Italia on Friday. Tether’s total liabilities amounted to $66.22 billion, of which $66.2 billion relates to the digital tokens that the company has issued.