Stablecoin issuer Tether Holdings Limited published its latest quarterly attestation on Nov. 10, highlighting the “extremely liquid” nature of its assets at a time when crypto markets were reeling from news of FTX’s apparent insolvency. 

Eighty-two percent of Tether’s reserves were held in cash, cash equivalents and other short-term deposits as of Sept. 30, 2022, the company disclosed in its quarterly attestation report. Tether’s exposure to commercial paper — a form of short-term corporate debt with a higher risk profile — has fallen to just 0.07% of its holdings.

The company claims to have incurred no losses from winding down its commercial paper holdings by more than $24 billion. United States Treasury Bills now account for over 58% of the stablecoin issuer's reserves.