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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Same, especially since large Chinese companies tend to need real USD but I suppose there's no reason to think it cuts either direction
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You give tether $1 and then send you 1 USDT, then they loan the $1 out to ChineseCo. So ChineseCo owes them $1 which backs the $1 liability they have to you if you want to redeem USDT
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