[glomph]

But haven't tether explicitly promised to keep the USD reserves as cash?

[JumpCrisscross]

> But haven't tether explicitly promised to keep the USD reserves as cash?

Just as we think of bank deposits as cash, most accounting procedures (reasonably) treat Treasuries as cash.

[wmf]

I can imagine why central-bank-hating Austrians might not put money in treasury bonds.

[rkangel]

Yes - sorry for being unclear , that was the 'almost' in my comment. I was explaining why this situation is unheard of and there isn't a standard practice, and why someone like Apple doesn't face this problem.