The majority of this $20.1 billion (around $18 billion) is comprised of A-1 and A-2 paper, which qualify as investment grade, according to the report. A list of ratings agencies grading the commercial paper was not specified other than, “Standard & Poor’s ratings, or equivalent ratings by Moody’s, Fitch or other Nationally Recognized Statistical Rating Organization” in the footnotes. The geographic location of the commercial paper issuers was also not found in the report.
Source: https://www.coindesk.com/business/2022/05/19/tether-cut-commercial-paper-reserve-by-17-in-q1/?utm_medium=referral&utm_source=rss&utm_campaign=headlines