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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Except 2a-7 money market funds went thru huge reforms post-GFC and strict rules were put in place to make sure they don’t blow up and we can treat their shares as cash... Not sure we can say the same for USDT
Agree, you would definitely want more disclosure than this (and I find it *very* unlikely that this will satisfy the NYAG)
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yeah I’m also a bit confused why they would do it this way... would look a lot less shady if they simply invested the cash into a USD money fund imo why create your own MMF where there are a bunch of them already that are universally trusted and wouldn’t raise an eyebrow?
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Cos then you wouldn’t have a cool crypto-tech sounding project and instead have a boring old MMMF haha
End of conversation
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