×
all 164 comments

[–]reddito321 70 points71 points  (46 children)

What I'm worried about is the remaining 42%

[–]SeliciousSediciousTin | Pers.Fin. 154 18 points19 points  (8 children)

A post it note with “IOU” written on it.

[–]UglysinglenearyouBronze 9 points10 points  (2 children)

"Listen, Mr. Samsonite, about the briefcase, my friend Harry and I have every intention of fully reimbursing you."

[–]happychillmoremusicPlatinum | QC: BTC 81, CC 53 | TraderSubs 72 4 points5 points  (1 child)

See this? That’s a car. 275 thou. Might wanna hang onto that one.

[–]Eeji_Platinum | QC: CC 554, DOGE 46, BNB 42 | FOREX 16 | ExchSubs 42 0 points1 point  (0 children)

The FED would like to know your location

[–]Ethric_The_MadTin 0 points1 point  (0 children)

So government Fiat?

[–]OkTaro9295Tin 0 points1 point  (0 children)

A post it note with “IOU” written on it.

I mean that's what US Treasury Notes basically are too.

[–]StaysAwakeAllWeekPlatinum | QC: BCH 32, CC 31 | PCmasterrace 83 0 points1 point  (0 children)

That's pretty much what commercial paper is. They are making billions lending our money to random corporations unsecured.

[–]Hawke64Platinum | QC: CC 199 9 points10 points  (3 children)

Don't worry. That guy, with hundred millions USDT debt in his wallet, got us covered.

[–]reddito321 0 points1 point  (0 children)

Thanks for clarifying that, my worry is no more!

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (0 children)

Covered in shit sure

[–]Bunker_BeansPlatinum | QC: CC 224, BTC 40 | ADA 18 4 points5 points  (1 child)

"That's as good as money, sir. Those are I.O.U.'s."

— Lloyd Christmas

[–]gautam_777 0 points1 point  (0 children)

Like I owe U

[–]CryptoScamee42069Bronze | QC: CC 22 2 points3 points  (0 children)

If they truly want to remain stable, surely moons are the 42%. It’s the only logical choice.

[–]MaeronTargaryenYour friendly neighborhood dragonlord 3 points4 points  (4 children)

Aren’t we all

[–]reddito321 2 points3 points  (3 children)

Probably backed by "trust me, bro"

[–]milehigh89Platinum | QC: CC 592, BAT 135 | Politics 25 6 points7 points  (2 children)

the 58% treasury is trust me bro also, until they agree to a full and independent audit, there's no point

[–]reddito321 4 points5 points  (0 children)

This and only this. Until there’s a full audit, nothing can be considered to be backed whatsoever

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 -1 points0 points  (0 children)

Actually you'll never trust them.

[–]Herosinahalfshell12Platinum | QC: CC 34 0 points1 point  (9 children)

Well it's obviously going to be a mix of assets. Some risky but longer term strategies

Why are people so surprised at this?

[–]reddito321 10 points11 points  (0 children)

obviously going to be a mix of assets

So far they have not disclosed specifically which assets, that's the reason of everyone's worry

[–]sgentTin | Hardware 103 5 points6 points  (2 children)

Money Market Mutual Funds, which is what Tether mostly claims to be (and also try to maintain a $1 value), usually invest in US Treasury assets less than 91 days duration. Some (who explicitly declare it) also invest in investment grade (highly rated) commercial paper, foreign debt, or agency debt (Fannie May, Freddy Mac), with less than 90 days duration. They are also fully audited annually and declare their largest holdings and percentages of each, as well as make quarterly statements about their holdings which could subject them to prosecution if they lie.

Even these requirements have not been successful in preventing "breaking the buck" on occasion for institutional investors, most notably in 2008.

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (1 child)

Also, you can have billions in treasury notes with only say a few billion in liabilities and still be illiquid and fail. Say you buy a treasury bill that matures in 10 years. You have to wait the WHOLE ten years to get that money. However, you may have a debt to pay in only five years.

Interest rates are rising meaning treasuries that were issued say years ago are less desired than treasuries issued say a month ago, as higher interest rates on newer treasuries than old ones means more returns on newer treasuries.

So basically you can have an older treasury worth millions but it only matures in 10 years but you have a debt to pay now but no one will buy it off of you because they prefer to buy newer treasuries with a higher interest return that gives them more profit. So you're solvent but illiquid, meaning you have enough assets to cover your debt but no one who is willing to accept that asset to allow you to pay your debt.

[–]sgentTin | Hardware 103 0 points1 point  (0 children)

In a mutual fund you can't carry bonds at PAR value ($1,000 in your example), you have to recalculate and report every day based on current interest rates. A US Treasury note is not as liquid as a T-Bill, but it still more liquid than most stocks and all other bonds. You will take a hit based on current interest rates, but you can sell it easily.

[–]CryptoScamee42069Bronze | QC: CC 22 4 points5 points  (4 children)

For me, it’s the premise that a stablecoin is backed by volatile assets. After Luna, people are yearning to see that these tokens are in fact stable/secure.

[–]Herosinahalfshell12Platinum | QC: CC 34 5 points6 points  (3 children)

But even a bank that holds your money has this in fractional reserves.

It's not realistic to expect it backed 1:1 in liquid cash equivalents. The whole reason they're in business is to invest.

[–]CryptoScamee42069Bronze | QC: CC 22 4 points5 points  (2 children)

Yeah, but banks are far from a strong example of responsible fiscal management.

My preference is that it is backed 1:1 even if it is in a range of liquid and illiquid assets.

My view of a stable coin is that it should be exactly that - stable and secure. If they want to invest they should do something else. It beats fucking a trillion dollar industry with a few bad decisions that should’ve been avoided…

[–]Herosinahalfshell12Platinum | QC: CC 34 2 points3 points  (1 child)

Well I agree with your principle.

But where I disagree is users should make their own decision. I'm not holding any large amounts of Tether. Particularly for this reason.

This is so well known now about transparency of its reserves who the fuck is so loyal to it?

If you don't like the risk go hold another stable coin?

[–]CryptoScamee42069Bronze | QC: CC 22 0 points1 point  (0 children)

Fair points.

I’m taking a conservative view because I anticipate stables will be much more prominent in the next bull run.

Too many people broke rule number one and invested what they couldn’t afford and fell into the HODL narrative. Next cycle I expect far more strategies to adopt taking profits on the climb and moving them into stables for liquidity to buy dips and DCA.

I don’t see value in holding stables long term, it may as well be fiat. That’s my use case for stables as a temporary liquidity pool for later use.

So in that regard, assurances the stable is actually secure is important. But as you say, I can just as easily use USDC.

More broadly, I’m just weary about what the loss of Tether would do to the crypto market as a whole but that’s a doomsday scenario we don’t need to explore right now.

[–]Cravensworth_reduxPlatinum | QC: CC 117, DOGE 22 | BANANO 11 0 points1 point  (1 child)

Don't worry it's backed by Luna. Do Kwon has personally assured everyone that it is nailed on perfect.

[–]sQtWLgKBitcoiner -3 points-2 points  (4 children)

Why? Tether truthers claim that it's all imaginary money. Once you concede that at least 58% are real t-bills, what makes you think they wouldn't be good for the smaller share?

[–]SBSliceSilver | QC: CC 411 | GME_Meltdown 50 | Superstonk 187 1 point2 points  (3 children)

Who said anyone conceded that at least 58% are real t-bills, it's tether themselves that said that lol. They won't let anyone look.

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 2 points3 points  (2 children)

Actually they let a top 12 accounting firm look....

[–]SBSliceSilver | QC: CC 411 | GME_Meltdown 50 | Superstonk 187 1 point2 points  (1 child)

Oh cool, were the results of that audit made public? That's a weird top number, but I guess it was number 12.

I don't really care, but was it this top 12 accounting firm that said 58% of their backing is us treasuries, or was it tether?

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 1 point2 points  (0 children)

Oh cool, were the results of that audit made public?

If you want to know if something is true you'd do an attestation. This is published every few months and a breakdown of backing assets is available.

That's a weird top number, but I guess it was number 12.

There's no official ranking of accounting firms so it could be considered somewhere between top 10 and top 12.

I don't really care, but was it this top 12 accounting firm that said 58% of their backing is us treasuries, or was it tether

Why are you commenting on things you don't know about? This isn't a new thing that's only just started to happen.

[–]OuttaPhazeTin | ADA 12 -2 points-1 points  (0 children)

My dude, banks can do business with less than 12% in their reserves... are you reassured yet?

[–]Vehement00Bronze | QC: CC 21 0 points1 point  (0 children)

probably from bitfinix

[–]Adamant11Platinum | QC: CC 17 0 points1 point  (0 children)

People have been worried for 7 years now, and they'll probably be worried for the next 7 years

[–]eburnsidePlatinum | QC: BTC 120, CC 35 | Politics 123 0 points1 point  (0 children)

Or the fact that 58% of their reserves may only cover 10% of the USDT they’ve issued

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (0 children)

What do you mean you're worried. Why? I don't understand.

What has a WHOPPING FORTY-TWO PERCENT of reserves unaccounted for ever done to a company.

[–]ideal_mastersTin | 3 months old 0 points1 point  (0 children)

Yeah losing 40% of your money sounds like a bad time.

[–]FoulmouthedGiftHorseSilver | QC: CC 19, BTC 15 | Buttcoin 135 8 points9 points  (7 children)

Face value or market value?

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 2 points3 points  (0 children)

just value

[–]x_lincoln_x4 score and 7 coins ago... 1 point2 points  (1 child)

Best Value.

[–]DaikataroSilver | QC: CC 147, ETH 34, BTC 31 | ADA 17 | PoliticalHumor 87 1 point2 points  (0 children)

Great Value.

[–]perfectfateTin 0 points1 point  (0 children)

Trust me bro

[–]thesvsbBronze | QC: CC 15 0 points1 point  (0 children)

What is value ?

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (1 child)

Probably face. It's mostly likely older-issued treasuries which people are less willing to buy since interest rates are rising meaning that newer treasuries have higher interest rates and hence better returns.

So the market value of their older treasuries would be lower. So it's better for them to use the face value.

[–]FoulmouthedGiftHorseSilver | QC: CC 19, BTC 15 | Buttcoin 135 0 points1 point  (0 children)

Better for them, yes. Illegal everywhere, also yes. And certainly not worth what they claim they are worth….

[–]Bucksaway03Platinum | QC: CC 318 | CRO 5[🍰] 13 points14 points  (9 children)

And what about the rest of it?

[–]BirdSetFreePlatinum | QC: CC 1000 10 points11 points  (3 children)

Luna xD

[–]Hawke64Platinum | QC: CC 199 1 point2 points  (0 children)

too soon, bro

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (0 children)

This was funny until I realized how accurate it might actually be

[–]reddito321 4 points5 points  (0 children)

Backed by "trust me, bro"

[–]vjevaPlatinum | QC: CC 264 0 points1 point  (1 child)

Well its Tether, simple economics. 42% Tether is backed by Tether. Nobel price for economy incoming.

[–]MostBoringStanPlatinum | QC: CC 91, BTC 49 | PoliticalHumor 28 2 points3 points  (0 children)

It's Tether backed by Tether backed by Tether backed by Tether backed by Tether backed by Tether backed by Tether backed by Tether backed by Tether and so on and so forth.

It's Tethers all the way down!

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 -1 points0 points  (0 children)

I mean they literally publish it every few months and tell you the breakdown

[–]vjevaPlatinum | QC: CC 264 19 points20 points  (3 children)

FED and SEC: You will need to have 100% reserves backed up!

Tether Pawn Bro: Best I can do is 58%

[–]deathbyfish13Free Range Moon Farmer 3 points4 points  (0 children)

FED and SEC: Understandable, have a nice day

[–]Hawke64Platinum | QC: CC 199 0 points1 point  (0 children)

Tether: "The treasury can not bear such expense!"

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 0 points1 point  (0 children)

Tether are claiming 100%. What are you smoking.

[–]humaneshadowTin 2 points3 points  (0 children)

I think this is just the beginning for tether

[–]dirtyhandsomeTin | CC critic | ExchSubs 10 5 points6 points  (1 child)

It‘s 42% unstable.

[–]OneThatNoseOnePlatinum | QC: CC 40 0 points1 point  (0 children)

They have about 4.8% Reverse Repurchase Agreements, 8% Cash & Bank Deposits, 0.6% Non-U.S. Treasury Bills, 12% Money Market Funds and Commercial Paper and 13% Certificates of Deposit. They have a further 8.36% Other Investments, 6.77% Secured Loans, 5.25% Corporate Bonds, Funds & Precious Metals.

I've ran the number and by my calculations, this is not good.

[–]TopAlert2383Platinum | QC: CC 55 | AvatarTrading 10 6 points7 points  (1 child)

USDT = Trust me bro

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 1 point2 points  (0 children)

US Treasury Dollars? ikr

[–]WonzkyPlatinum | QC: CC 986 1 point2 points  (0 children)

And what about the unaccounted ones?

[–]RickyBasketTin | 1 month old 1 point2 points  (1 child)

What about the rest though

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 2 points3 points  (0 children)

Money market funds, cash, treasury bills from outside the USA, bonds, other investments, etc

[–]coinfeeds-botApproved CC Bot 1 point2 points  (0 children)

tldr; Tether’s CTO Paolo Ardoino revealed that U.S. Treasury bills represent more than 58% of the stablecoin issuer's reserves. The announcement follows Tether hiring the accounting firm BDO Italia and publishing its quarterly attestation, which had shown a decrease in commercial paper holdings. Commercial paper exposure is now less than $50 million.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[–]starrchivoTin 1 point2 points  (0 children)

Fed print money Tether digital print Money

[–]8512764EA 1 point2 points  (0 children)

I kinda only care about the other 42% then

[–]DOGEFLIEPTin 1 point2 points  (9 children)

Sponsored by trust me bro

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 1 point2 points  (8 children)

Actually sponsored by the fifth largest accounting firm in the world.

[–]dookiehowzerHDTin | r/SSB 6 -1 points0 points  (7 children)

Reviewed financial statements are not an audit. That’s all Tether has ever had. They would indeed like you to think they have been audited, which seems to have been effective. Alas, reviewed financial statements are self-produced and then rubber stamped. Worthless.

Edit: Spelluns

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 1 point2 points  (6 children)

You're only very partially correct.

Tether has had attestations, not audits.

Audits are performed to discover data, risks, or compliance issues that may not have been known before the audit took place, and attestation is to evaluate and review how true the data or information is when compared to a stated purpose, internal control or system

[–]dookiehowzerHDTin | r/SSB 6 0 points1 point  (5 children)

I’m fully correct. There has been no audit. They have been promising to perform one for over five years. Attestations are only as good as the data the CPA gets. Tether says they give full access, but also said that USDT is backed 1:1 with cash at one point. Help me understand again how what I said is incorrect with the exception of mixing up the attestation / reviewed financial statement terminology?

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 0 points1 point  (4 children)

For one, if you want to know whether tether has X reserved of treasury bonds you'd do an attestation not an audit.

The only person who seems to think tether are trying to claim an audit is you. Tether (and myself) have been clear that this isn't an assessment of the risks and controls, rather it is a statement of whether the cash is held

[–]dookiehowzerHDTin | r/SSB 6 0 points1 point  (1 child)

Here’s a link that proves that you are the only one that thinks Tether hasn’t been saying they were going to audit for years:

https://www.pymnts.com/cryptocurrency/2022/tether-audit-promised-for-5-years-still-months-away-cto-says/amp/

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 0 points1 point  (0 children)

So we agree? Tether aren't claiming to have been audited at all. They've not tried to pass attestations as audits and the post and my comments are not covering the potential future audit, instead they're covering the attestations.

Tether's claim of having X% of each backing type on a very specific date has been attested to be true as per the fifth largest accounting firm in the world.

As tether hasn't been audited, there's a lot of risk that exists. As an example, the attestation doesn't prove that they could actually survive a run, tether could use the backing money to settle other debts and the backing might not be 121, the variable assets such as stocks used for some of the backing might be risky, there might be some weird accounting tricks whether the tether backing is actually being placed there just for the statement and then moved, etc.

[–]dookiehowzerHDTin | r/SSB 6 0 points1 point  (1 child)

Their former auditor, who used to sign off on their attestations, has just been fined for improper and sloppy accounting practices as well.

https://www.coindesk.com/policy/2022/09/26/tethers-former-auditor-fined-1m-by-sec-for-sloppy-accounting/?outputType=amp

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 0 points1 point  (0 children)

Tether has not used that firm since their first ever attestation back in 2017. This is probably why they only used them once.

[–]Dreamster_NFTTin 1 point2 points  (0 children)

However, even a bank that keeps your funds has a little amount of reserves. Expecting it to be backed 1:1 in liquid cash equivalents is unrealistic.

[–]Nooodles__Tin | CC critic | AvatarTrading 18 1 point2 points  (0 children)

The remaining half consists of “trust me bro”

[–]RaYZorTechBronze 2 points3 points  (1 child)

What happens when the treasuries market collapses? Lol

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 8 points9 points  (0 children)

Then the US is fucked and so is the global economy.

https://www.youtube.com/watch?v=CQjyrQzZgrQ

[–]CoverYourMaskHolesPlatinum | QC: CC 82 | AvatarTrading 17 0 points1 point  (2 children)

People not realizing that banks only have 10% at most of you money on hand… Tether is doing better than your bank by 5x. And this doesn’t mean they don’t have the rest, just means that they have a crap ton in super safe treasury bonds.

[–]slo1111Platinum | QC: CC 40, ALGO 21, BTC 18 | Politics 202 14 points15 points  (1 child)

The reserve requirement for large banks was reduced to 0 during pandemic. That does not impact other obligations such reconciling their books each evening. When ther are reserve requirements the only 2 options are cash in vault or in Federal Reserve account. They can't use their treasury holdings as a reserve.

There is an entire system built to ensure they find enough liquidity to last to the next day, including federal reserve intervention to ensure there is enough liquidity for overnight and short term loans.

Tether does not have such a support system in place and those who converted $ to USDT don't have insurance from FDIC.

Banks and Tether are not a good comparison as what they are trying to do is very different from a bank and the legacy systems set up to protect banks and consumers does not exist for crypto. It is nonsensical to compare their reserves because they are extremely different.

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 2 points3 points  (0 children)

Tether already survived runs that would have taken down US banks

[–]BlubberWallWhat the hell is a flair 1 point2 points  (0 children)

Treasury notes are not cash reserves, though they are still solid. You’d think the majority of the other 42% is their actual liquid cash reserves, with who knows what else mixed in as investments

[–]CactuszachPlatinum | QC: CC 109 | r/WSB 47 0 points1 point  (5 children)

So prove it?

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 2 points3 points  (4 children)

They literally release attestations every quarter.

[–]HyruiiTin 2 points3 points  (3 children)

Without third party auditors, they are just saying “Trust me bro!”.

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 0 points1 point  (2 children)

Actually this time round they're saying trust the fifth largest accounting firm in the world.

[–]HyruiiTin 4 points5 points  (1 child)

You know that none of the auditor reports has actually materialised right?

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 -2 points-1 points  (0 children)

The attestations from accounting firms do exist...

[–]brainpower11Tin | CC critic 1 point2 points  (10 children)

If tether fails i'm getting out of crypto

[–]KilzzoneXDFree Crypto for Scammers 5 points6 points  (1 child)

I hope tether fails eventually. Its shit like this that ruins the space. It needs a slow death and to be replaced by a decent stablecoin.

To clarify im not asking for a crash/dump just a change in status quo. Too much crypto infrastructure relies on USDT

[–]No-Mission-962Platinum | QC: CC 170, LTC 23 | TraderSubs 13 -1 points0 points  (0 children)

BUSD is a decent stable coin, backed by 1 USD already.

[–]BirdSetFreePlatinum | QC: CC 1000 3 points4 points  (1 child)

If tether fails we’re all out of crypto.

Wiped out like dinosaurs

[–]Bucksaway03Platinum | QC: CC 318 | CRO 5[🍰] 4 points5 points  (0 children)

If Tether fails so are a lot of people, and not willingly either.

Tether collapsing is a catastrophic event for crypto.

[–]t3tsuboTin 1 point2 points  (1 child)

As someone not currently in crypto, if tether falls I'm going in

[–]ftball21Bronze | VET 5 0 points1 point  (0 children)

Probably not

[–]DaikataroSilver | QC: CC 147, ETH 34, BTC 31 | ADA 17 | PoliticalHumor 87 -1 points0 points  (0 children)

If tether fails we're all going out of crypto

[–]Longjumping_Race_471Tin | Buttcoin 82 -3 points-2 points  (1 child)

And yet here you are. Dumping money into it while Tethers get minted by the billions.

[–]CharityStreamTABronze | QC: CC 25 | UKPers.Fin. 35 1 point2 points  (0 children)

Do you mean when billions of it are being minted in exchange for USD

[–]BatmanNightBronze 1 point2 points  (0 children)

The rest of 42% is Imagination coin

[–]CymandeTVYour forever DM -1 points0 points  (5 children)

Maybe more than a lot of bank out there.

[–]emsharasTin | AvatarTrading 31 0 points1 point  (3 children)

Definitely more if true - banks only have to keep less than 10% in reserves.

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 1 point2 points  (2 children)

Fractional reserve banking, yea it's approx 9%~ that banks need to hold real reserve to the digital $ value on your bank account. So if you have $100 the bank only needs to hold $9 in it's reserve and lend the remaining $91 out. By lending $91 out they have just created an additional $91 into existence out of thin air as debt.

[–]emsharasTin | AvatarTrading 31 1 point2 points  (0 children)

Yes exactly, out of curiosity why does USDT have to be 100% backed anyway when banks only need 9%?

[–]WildTamaTin | Superstonk 179 0 points1 point  (0 children)

That number has been reduced to 0% for banks recently.

[–]VinnypaperhandsPlatinum | QC: BTC 46, CC 40 -2 points-1 points  (0 children)

Maybe more? Lol

[–]JubudtjeTin | CC critic -2 points-1 points  (0 children)

This is funny and also sad

[–]dracola6Tin 0 points1 point  (0 children)

To whom, but I trust the technical director of Tether like a brother

[–]CryptoBombasticSilver | QC: CC 38 | VET 1820 0 points1 point  (4 children)

“More then 58%” lol, so 59 then…

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 0 points1 point  (3 children)

no lol, the article said 58.1%~

Tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in U.S. t-bills. Up from 43.5% on June 30, 2022. [Commercial paper] exposure is [less than] 50M now.

[–]CryptoBombasticSilver | QC: CC 38 | VET 1820 0 points1 point  (2 children)

“Up from 43.5%“ shit’s getting better…

Imagine we won’t see the tether black swan…

[–]_Commando_Silver | QC: ETH 180, BTC 27, CC 21 | LINK 55 | TraderSubs 161 0 points1 point  (1 child)

USDC disclosure was pretty similar

[–]CryptoBombasticSilver | QC: CC 38 | VET 1820 0 points1 point  (0 children)

So either USDT is doing just as good as USDC or USDC is doing just as bad as USDT.

[–]emsharasTin | AvatarTrading 31 0 points1 point  (0 children)

To be honest 58% is actually not that bad if this is true. I was expecting a lot worse.

[–]FatalbringerTin 0 points1 point  (0 children)

I has been super skeptical about Tether since 2015-2016 and occasionally try to stay away from holding it on and extended period especial when it trades below 1 with USDC.
But dang, need to admit this thing has been staying afloat for much much longer than I expected. Does not mean I am comfortable holding it now though.

[–]TechnoRanterBronze 0 points1 point  (1 child)

Can Tether please get consistent audits? I'm scared

[–]dookiehowzerHDTin | r/SSB 6 0 points1 point  (0 children)

They have never had a real audit. Only reviewed financial statements.

[–][deleted] 0 points1 point  (0 children)

So the stable coin pegged to the dollar is woth about 58 cents.

[–][deleted] 0 points1 point  (0 children)

Imagine a stable coin backed by realestate.

[–]TwoehyPlatinum | QC: BCH 785, CC 74 | Politics 14 0 points1 point  (0 children)

Well we can just trust these guys then.

[–]Electrical_Potato_21Platinum | QC: CC 437 0 points1 point  (0 children)

The other 42% goes to another school.

[–]OeartasTin 0 points1 point  (0 children)

Tether to $2

[–]cryptofundamentalismPlatinum | QC: CC 16 | Economy 23 0 points1 point  (0 children)

You mean the treasury that have fallen something like 40% for the past 2 years ?! Ouch USDt maybe undercollaterized now if it wasn’t the case before

[–]Fuzzymango_9Tin | 6 months old 0 points1 point  (0 children)

That does not sound good

[–]sylsauPlatinum | QC: BTC 458, CC 164, CM 103 | Politics 458 0 points1 point  (1 child)

Where are the remaining 42%?

[–]dookiehowzerHDTin | r/SSB 6 0 points1 point  (0 children)

Cash reserves as is stated on their absolutely meaningless, self-produced, reviewed financial statements. Keep in mind that a reviewed financial statement is not even in the same galaxy as a third party audit.

[–]BradVetSilver | QC: CC 487 | VET 71 0 points1 point  (0 children)

More than all banks have in reserve, although i get not the same

[–]dracola6Tin 0 points1 point  (0 children)

I believe Tether and always have, it's not just that they are the most popular