Yes, it looks like 12% of their assets are in commercial paper.
I'm not claiming to be an omniscient source of truth, but USDT is supposed to be backed 1:1, is audited regularly, and has survived extreme volatility events and bank runs for the better part of a decade.
Maybe it will collapse some day. I personally have more trust in USDC and Circle, so I use that if I need a stablecoin.
That's not an audit, it's an attestation. The article says:
>The company does release quarterly attestations, separate from a thorough audit, as required by a 2021 legal settlement with the New York Attorney General’s Office. Following the hiring of its new accounting firm, BDO Italia, earlier this month, Tether said it intends to release them on a monthly basis, beginning early next year.
I'm not claiming to be an omniscient source of truth, but USDT is supposed to be backed 1:1, is audited regularly, and has survived extreme volatility events and bank runs for the better part of a decade.
Maybe it will collapse some day. I personally have more trust in USDC and Circle, so I use that if I need a stablecoin.