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

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. [1] https://assets.ctfassets.net/vyse88cgwfbl/4hiNJsZ98LlZqCJHKzrLpV/2b6338482ef0093382885f80ba6f1083/Tether_Assurance-12-31-21.pdf https://assets.ctfassets.net/vyse88cgwfbl/4hiNJsZ98LlZqCJHKz... [2] https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/6fe2987698dbbf39b947af718d736ddb/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...