TechFlow news, according to documents obtained by CoinDesk, Tether held its funds in four banks, two investment management firms, two gold vaults, one gold broker, and Bitfinex as of March 2021.
In addition, Tether held commercial papers and other bonds issued by various entities including Qatar National Bank (QPSC), Barclays PLC, Deutsche Bank AG, Emirates NBD Bank PJSC, and NatWest Group PLC. A significant portion of these issuers were major Chinese banks and financial institutions, including Agricultural Bank of China, Bank of China (Hong Kong), Bank of Communications, Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, and China Everbright Bank.
Previously, Tether acknowledged investing funds into commercial papers in 2021, but the extent of the company's reliance on such assets remained unclear. According to legal settlement documents released by the New York Attorney General, Tether issued $11.6 billion worth of secured loans between June 2019 and May 2021.
