[gpresot]

There is some premium on the BTCUSDT pair, compared to BTC/USD pair. You can still, for a relatively small premium buy BTC with your USDT and change them back to fiat USD. And it seems that plenty of traders are ready to accept that premium and accept the risk of holding tether. This effectively solves any liquidity issues that Tether might have. And as other have noticed, 74% coverage is a lot more than many were fearing, particularly compared to other Tether news of the last 12 months. Also, this 74% would imply that if Tether had access to those 850 millions that went missing (leaving out the issue of wether Tether may or may not be responsible for the missing), then the coverage would be full and had been full during the peak of the crypto bull-run in 2017 (which was speculated to be supported by printing tether without any fiat backing).

[xref]

Remember it’s simply Bitfinex saying they have 74% reserves, just like they used to say they had 100% reserves. There has still never been an audit. Nobody has seen their books. They don’t recognize the jurisdiction of the NY AG.

Bitfinex is the only one who can give a number, and a company in that position usually places themselves in the most generous light, and they still only claimed 74%.

[gpresot]

They claimed this 74% in filings to the NY Supreme Court, so, while I agree it is not as strong as an auditors' report, it is also a bit stronger than a PR release or a Twitter burst.

[PhantomGremlin]

the NY Supreme Court

Before you get too excited about that phrase, the courts in New York State have funny names. The words "Supreme Court" have a much different meaning than they do in any other state.

https://en.wikipedia.org/wiki/New_York_Supreme_Court

[xref]

I’d strongly disagree, seeing as that filing was in a court they see as a joke

> Bitfinex and Tether dispute that the court has jurisdiction over the companies because, among other reasons, they do not operate in the U.S., and because both companies bar New York residents from doing business on their platforms.

[perl4ever]

According to other comments I've seen, they don't redeem tethers for dollars in the first place, so the amount of reserves they have doesn't matter, does it? Liquidity is beside the point if they don't even offer redemption.