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Because we know that Alameda and Cumberland do not, on the whole, possess $63 trillion in USD. That's the official number of "outstanding Tether" posted on the
by Jasper_ 5y ago
Because we know that Alameda and Cumberland do not, on the whole, possess $63 trillion in USD. That's the official number of "outstanding Tether" posted on the Tether website [0]. If these allegations are true, the other holders of Tether total a couple million, meaning Alameda and Cumberland together must have trillions of holdings. Which, based on filings, we know isn't what they're reporting.
[0] https://wallet.tether.to/transparency https://wallet.tether.to/transparency
- ceejayoz 5y ago$63 billion, not trillion.
- Jasper_ 5y agoI apparently cannot parse decimal places, thank you for the correction.
- FireBeyond 5y agoBut still. Whilst acknowledging that revenue is not holdings, I did some looking and saw that, if looking at Tether's claimed deposits, they would be within the top 20 largest companies in the world, eclipsing Alphabet, AT&T, even Samsung and Saudi Aramco. Which is laughable. Apple, Microsoft, Google, Verizon Communications and Pfizer COMBINED hold $400B in reserves. Tether can barely say who they bank with.
- deleted 5y ago[deleted]