From [1], the value of that commercial paper was $24,165,815,363. $23,615,946,340 of it was rated A-2 (Tier-2) or better (A-1/Tier-1 and A-1+/Tier-1+). This is equivalent to BBB or better (A to AAA) rated bonds. The report does not specify the CP issuer.
Tether's consolidated reserves have since changed composition. [2] The most recent report shows (approximate percentages):
- US Treasury Bills (43.45%)
- Commercial Paper and Certificates of Deposit (12.65%)
- Money Market Funds (10.25%)
- Cash & Bank Deposits (8.15%)
- Reverse Repos (4.5%)
- Non US Treasury Bills (0.59%)
- Bonds, Funds, Metals, Other, Loans (20.37%)
So the commercial paper was so far trustworthy enough to allow them to rotate out of much of their CP position and into US Treasury bills.
Tether's consolidated reserves have since changed composition. [2] The most recent report shows (approximate percentages):
- US Treasury Bills (43.45%)
- Commercial Paper and Certificates of Deposit (12.65%)
- Money Market Funds (10.25%)
- Cash & Bank Deposits (8.15%)
- Reverse Repos (4.5%)
- Non US Treasury Bills (0.59%)
- Bonds, Funds, Metals, Other, Loans (20.37%)
So the commercial paper was so far trustworthy enough to allow them to rotate out of much of their CP position and into US Treasury bills.
[1] https://assets.ctfassets.net/vyse88cgwfbl/4hiNJsZ98LlZqCJHKz...
[2] https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...