The newly released documents disclose Tether's banking relationships and commercial paper risks

ChainCatcher news, according to CoinDesk, documents related to Tether's business snapshot on August 4, 2021, indicate that the stablecoin issuer Tether has its funds stored in four banks, two investment management companies, two gold custody institutions, and a gold brokerage, as well as its sister company Bitfinex. Its funds are also held in commercial paper and various securities issued by different entities, including Qatar National Bank QPSC, Barclays Bank PLC, Deutsche Bank AG, Emirates NBD Bank PJSC, and Natwest Group PLC.

A significant portion of its issuers consists of various Chinese banks and financial institutions. Agricultural Bank of China Limited, Bank of China Hong Kong Branch, Bank of Communications Co., Ltd., Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, and China Everbright Bank Co., Ltd. have all issued commercial paper and securities that Tether uses to back its tokens. (Source link)