That's global commercial paper... The US commercial paper market is the largest in the world: https://www.bloombergprep.com/practice/cfa/10b/lesson/5cf41e/fixe

That's global commercial paper... The US commercial paper market is the largest in the world: https://www.bloombergprep.com/practice/cfa/10b/lesson/5cf41e/fixed-income-lm-8-fi-2-fixed-income-markets-issuance-trading-and-funding-us-commercial-paper-vs-eurocommercial-paper/#:~:text=The%20US%20commercial%20paper%20(USCP,be%20denominated%20in%20any%20currency https://www.bloombergprep.com/practice/cfa/10b/lesson/5cf41e.... Look, Tether said they don't own any Chinese commercial paper: https://www.bloomberg.com/news/articles/2022-07-27/tether-says-there-is-no-chinese-commercial-paper-among-reserves https://www.bloomberg.com/news/articles/2022-07-27/tether-sa... I don't know why you'd believe they have commercial paper - but think they lied about what kind of commercial paper they had.