Tether released their reserves breakdown, as required by the New York Attorney General. There's a lot of noise about it (OMG it is only 2.9% backed by cash!!) but this doesn't look that bad to me?pic.twitter.com/lRxPpGGMYI
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But if you feel okay assuming there is nothing untoward there ... we are happy to treat money market funds as cash so we should be more or less happy to treat USDT as cash too.
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The most incredible thing is that they have issued $58bn of non-interest-bearing crypto tokens and are investing the proceeds into short-duration interest-bearing financial instruments probably earning more than $500m/year, absolute king move.
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I think we probably know the answer to that...
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The mechanics aren’t complicated. Get BTC in exchange for tokens you create. Sell BTC for USD. Buy yielding assets with the USD. What baffles me is who is taking Tether instead of USD. I would have never thought that idea would work.
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Many exchanges can't interact with the fiat banking system, so depositing a stablecoin (like Tether or USDC) is the only way to fund an account at those exchanges.
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To me the point in question is having to rely on the word—absent a real audit as you have noted—of a company proven to have had no problem in the past of fabricating reality.pic.twitter.com/jUvzhigCGo
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It’s the shadow banking system. What are those loans backed with? I’m guessing it’s not high grade corporate cp. This was integral the the financial crisis.
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Who are the people behind Tether? I don't think your average crypto-dude has the know how to pull this off...
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I just said the same thing to my wife while reading the first few tweets in the thread, only with more cuss-words. What a game.
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it’s a bit like seigniorage for a central bank.
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