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Pretty crazy that this is the response of a $69 billion crypto money market fund to an article that alleges they have broken the buck and that it's likely to happen againhttps://twitter.com/Tether_to/status/1446095728980500484 …
https://tether.to/tether-responds-to-bloomberg-businessweek-article/ …
The bottom line with Tether is that it's a MMF backed by commercial paper of unknown provenance. Tether refuses to reveal it's balance sheet or CP issuers so we're left to speculate. BBG confirmed that at least some of the CP is Chinese. Total holdings are still unknown.
If a person is a billionaire, but has 95% of his holdings in Tether... is he really a billionaire?
they might as well just say 'fake news bro'
In a world where a json saying you own a jpeg can be worth millions does it even really matter if tether is backed by anything?
The thing no one talks about is how much the FUD benefits Tether. If it’s 100% backed and starts to trade at $0.50 they can buyback their liabilities and end up with 50% of $69B of cash in their pockets.
now we're cooking with gas!
Ftx offers tether credit risk products
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