| Tether claims they have completely exited their position in commercial paper and are currently over 70% in US T-Bills. https://tether.to/en/transparency/#reports Disclaimer that I'm a bit of a Tether skeptic, but if I'm wrong and they either were in, or have been able to get to, a fully-collateralized position of mostly treasuries and are earning 5% interest while paying 0% on USDT, good for them and good for regular people who won't be left holding bags. I'll always consider Tether in the context of their July 2021 CNBC interview with Deirdre Bosa. Timestamps are relative to the copy at https://www.youtube.com/watch?v=ZBEqyiO35cQ I don't think they've said who the commercial paper counterparties were and claim it was an important trade secret. Traders in the US commercial paper market say they had never heard of the Tether folks which was odd given their attestations would have given them a top 10 global holding (17:20). Explanation, they use intermediaries. Will they give names or details on the intermediaries? Can't, trade secret. Did they hold Chinese commercial paper? Dodged the question twice (6:30 and re-ask 7:35). Where are the CEO and CFO of this company that holds $60B of assets? Why don't they talk to media? (24:40) But hopefully we'll get assurance regarding the reserves soon. They were excited to promise a formal audit in "months not years" during that interview (27:42)... looking forward to this spring so the audit can be released before we hit two years. (edit: trying to shorten) |
What proof verified by third parties is there that any of their assertions are true? There never has been one and there never will be.
Tether are an obvious fraud run by fraudsters, caught several times committing fraud and already banned in many jurisdictions. They deserve zero trust and when this ecosystem collapses they will go to 0.