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by WinstonSmith84
1491 days ago
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Maybe something in between. Increasing money supply would mean minting USDT out of thin air. Maybe they do, maybe they don't - hopefully the latter. What they are likely doing is trading that USDT reserves on Bitcoin. Bitfinex is a well known market maker - and a very profitable one. That's probably why they are very much reluctant to disclose their reserves, because they don't have that in cash - unlikely. Knowing how much they own of everything would open the door to critics, and to attacks - the latter is essentially what happened for UST - attackers knew exactly how much cash they needed to depeg UST |
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