As far as I understand it: No one doubts that Tether is backed by something. The question is: Is every USDT backed by 1 USD?
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Afaik, that's what their upcoming audit will prove. Beside that, what about every exchange, lending co, etc. in the space with similar or higher deposits? None of them got audited or did a proof of reserves recently. Nobody knows if any of them is a fractional reserve system.
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I don't mind a good whataboutism once in a while, but in this case: USDC is at least closer to full disclosure. Peoplel have similar doubt about BUSD
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Do you have Paolo blocked? He mentioned multiple times that they for now have attestations from their accountants and from what I read they are working on a full transparency report. So we now have Tether, USDC and Kraken (years ago) kinda proof of reserves. Others: nothing.
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Replying to @ndeet @PhilippMattheis and
That said, ideally all companies in the space should be transparent and have proof of reserves in real time but picking on one of the most audited and scrutinised companies is imo hypocritical, sorry.
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Not one, but everyone. this one is just the largest and with the most questions marks. But if you are fine with it - fine. Let other people ask the questions. Nothing to worry about for you
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Bullshit, (without checking) Tether has for sure not the largest deposits in the space.
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how do you know? (everybody wants to know this!)
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Everybody knows there are 62 bln Tether. Exchanges hold about 2 mln BTC inventory, that is without any altcoins. Funny that there are no exact numbers known from any other company. Still somehow Tether get's most heat.
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not everybody knows that. You just claimed you knew, and I asked HOW do you know. So, how do you know?
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There are attestations exactly as for the other stablecoins.
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