Tether cut its stock of commercial paper by 17% in the first quarter of this year to improve the quality of its reserves.
Tether said today that it reduced its commercial paper reserves to $19.9 billion from $24.2 billion.
The company also added U.S. Treasury bills, increasing them to $39.2 billion from $34.5 billion.
The company said it plans to reduce its exchange-traded securities by another 20%, which will be reflected in its second-quarter report.
Bloomberg reported that most of Tether’s commercial paper last October was issued by large Chinese companies, leading some analysts to question the quality of the company’s reserves.