Do they?
So if nobody in the USD/EUR commercial paper world has heard of Tether, who are the major Chinese CP dealers? Someone, somewhere has to be selling these guys product right?
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BBG says they "obtained a document showing a detailed account of Tether Holdings’ reserves. It said they include billions of dollars of short-term loans to large Chinese companies" so I'm taking that at face value
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IF correct... prob the hk arm of a bulge bracket or like CLSA, HSBC, SC. I've worked with Chinese domestic banks/IB's before... no way they're equipped to handle large amounts of trading in English (plus it likely via HK if true)
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You are the only one who seems to have realised it would be via HK...a major major caveat that tells you exactly where to look at
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winnie the pooh
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pseudo commercial paper markets innit
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US CP market is bigger and more liquid than Chinese, so if they're only operating in China, they are probably among the top 1-3 CP buyers. This would have been noticed long before, given that (if they are US CP buyers) they'd be the #7 largest buyer in the country.
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thats got to count in favor of the theory that they were doing direct lending right?
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Its not happening on the mainland...
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Its all collateralized Bitcoin
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