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macrocephalopod
macrocephalopod
macrocephalopod
@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 14 May 2021

      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

      3 replies 6 retweets 56 likes
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    2. macrocephalopod‏ @macrocephalopod 14 May 2021

      It's basically a money market fund. Lots of short duration debt, commercial paper, repo, treasuries. Look, here is the composition of a similarly sized $24bn money market fund -pic.twitter.com/FZLHM28xTS

      1 reply 0 retweets 17 likes
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    3. macrocephalopod‏ @macrocephalopod 14 May 2021

      So yes, it is not 100% backed by cash, and it holds some things which are a bit surprising (precious metals? digital tokens?) but it looks reasonable to assume that the price risk they are taking on those will be covered by interest on the debt instruments.

      2 replies 0 retweets 12 likes
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    4. macrocephalopod‏ @macrocephalopod 14 May 2021

      Big caveat of course - this is not audited, and you would probably want more information on e.g. who exactly are the companies backing the commercial paper? What assets are backing the secured loans?

      2 replies 0 retweets 16 likes
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    5. macrocephalopod‏ @macrocephalopod 14 May 2021

      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.

      5 replies 0 retweets 10 likes
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    6. macrocephalopod‏ @macrocephalopod 14 May 2021

      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.

      6 replies 1 retweet 64 likes
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    7. Mark Gutman‏ @MarkGutman9 14 May 2021
      Replying to @macrocephalopod

      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.

      1 reply 0 retweets 2 likes
    8. macrocephalopod‏ @macrocephalopod 14 May 2021
      Replying to @MarkGutman9

      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.

      1 reply 0 retweets 4 likes
      macrocephalopod‏ @macrocephalopod 14 May 2021
      Replying to @macrocephalopod @MarkGutman9

      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.

      1:52 AM - 14 May 2021
      • 2 Likes
      • Mark Gutman Cryptovirgin
      1 reply 0 retweets 2 likes
        1. Mark Gutman‏ @MarkGutman9 14 May 2021
          Replying to @macrocephalopod

          Aha! According to my numerous AML trainings, it very much sounds like ‘layering’. Now it makes sense. I should think ‘dirtier’

          0 replies 0 retweets 0 likes
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