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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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.
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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There are like 6-7 major gateways to the fiat banking system (e.g. Coinbase, Binance) and you fund your account on almost all other exchanges with crypto assets.
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Aha! According to my numerous AML trainings, it very much sounds like ‘layering’. Now it makes sense. I should think ‘dirtier’
End of conversation
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