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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BBG says they "obtained a document showing a detailed account of Tether Holdings’ reserves. It said they include billions of dollars of short-term loans to large Chinese companies" so I'm taking that at face value
Chinese company goes direct to tether, writes them an IOU, and tether sends the USDT?
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This would be great
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Seems like the most plausible doomsday scenario to me. The credit ratings in that case wouldn't be on the CP but on whatever beneficial entity Tether cut a deal with 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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