Stablecoin issuer Tether, for the first time since its launch in 2014, has revealed a breakdown of its reserves. The breakdown, shared with The Block on Thursday, is dated as of March 31, 2021. It shows that Tether held nearly 76% of its reserves in cash and cash equivalents and other short-term deposits and commercial paper. Commercial paper, in fact, formed the majority of its cash and cash equivalents category, with a 65% share. Fiduciary deposits formed 24% of the category, reverse repo notes 3.60%, treasury bills about 3%, and actual cash only 3.87%. {chart} When asked why actual cash formed only a tiny part of ... (full story)