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The article talks about Tether's issued coins making it as large as one of the top 50 US banks (if it were a bank). How many banks does the US have?
by nevi-me 5y ago
The article talks about Tether's issued coins making it as large as one of the top 50 US banks (if it were a bank).
How many banks does the US have?
- FireBeyond 5y agoAt the rate they're going if you compare their holdings to revenue (not particularly accurate, but I'm going for an analogue to try to represent relative size), they're on track to eclipse Alphabet, AT&T and even Saudi Aramco by the end of the year. Apple, Microsoft, Google, Verizon Communications and Pfizer COMBINED hold $400B in reserves.
- Armisael16 5y agoThe FDIC lists a little under 5000 (https://www.fdic.gov/analysis/quarterly-banking-profile/statistics-at-a-glance https://www.fdic.gov/analysis/quarterly-banking-profile/stat...).
- iav 5y agoPlus 4000 local credit unions.
- dustintrex 5y agoEven more damning is this: > about $30 billion of its dollar holdings are invested in commercial paper—short-term loans to corporations. That would make Tether the seventh-largest holder of such debt, right up there with Charles Schwab and Vanguard Group. "Would", because nobody in those markets has seen them.
- HillRat 5y agoAt some point I suspect that they’re going to be exposed as holding billions of dollars in ultra-high-risk junk Chinese ABCP. Even before the current economic and political climate, that stuff was toxic — you can buy dodgy SCP for about a penny on the dollar given how poorly regulated the China commercial debt market is.
- reactspa 5y agoThis is sounding eerily like the Jeffrey Epstein case, where he was this storied super-successful trader and speculator, but there was no paper trail of the trades that made him into a billionaire.