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Tether bought commercial paper from subsidiary of alleged terrorist-linked bank

Tether apparently bought nearly $50M worth of commercial paper from a subsidiary of Masraf Al Rayan, a bank fined $4M by the FCA.

Here’s what new Tether documents reveal about its reserves

Documents obtained by CoinDesk and Bloomberg shed additional light on Tether reserves, showing the issuers of its commercial paper.

Tether is following in the footsteps of Bitfinex operator iFinex, which has previously invested in bitcoin mining efforts led by Blockstream.

Total stablecoin market cap has fallen for 14 consecutive months and currently sits at its lowest level since September 2021.

As of March, Tether’s $1.5B in bitcoin was triple the amount of cash in its reserves. This change will likely exacerbate that difference.