[brandoncarl]

You're absolutely right regarding from market highs.

To do this correct you'd need purchases and sales versus assets.

All that said, it's why I put a rough estimate of 30% (instead of 60%) and hadn't included any losses in broader commercial paper (which has dropped). So the overall estimate is defensible.

Also agree on Basel 2-like risk. The primary issue with Tether is the marketing around stability and the transparency. If it was treated like any other "money market" with better NAV reporting, position reporting and rules around withdrawals then we'd mitigate some of the risks.