My bet is that their new issuances are essentially Hawala between US VC funds: you deposit $20 million w/o moving it from your own account.
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"We know you don't want to be an exchange, so you don't have to buy *ANY* tether. You just have to buy it at par from *another VC fund*"
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"Because you and that VC fund have outside-of-crypto interactions, you won't screw each other. Trust for plebes is done by blockchain."
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