Would those loans be called commercial paper by any accountant’s definition? We have two data points: * Moore Cayman, the auditing firm doing Tether’s attestat

Would those loans be called commercial paper by any accountant’s definition? We have two data points: * Moore Cayman, the auditing firm doing Tether’s attestations, says they have commercial paper. They risk penalties for blatant lies * Bloomberg reporter Zeke Faux say Tether’s accounts and said they have “a lot” of Chinese commercial paper The massive loophole in the attestation regarding CP is Tether management policy is to value it at redemption value, even if the CP trades below par. So, they could buy the worst quality CP, for say $5 billion, with a redemption value of $30 billion, and the accountants would say “yup, $30 billion of CP per management policy” That seems easier than a pure lie. NYAG has also seen the statements for recent months. I suspect a total lie would carry more risk than the blatant misleadingly accurate statements I outlined above. Some of the paper could also be to crypto exchanges, collateralized the way you say. Then it would technically be CP. Tether has denied taking CP from affiliated entities but they use a narrow definition. Only majority ownership counts as affiliated I believe, since they consider their loans to Celsius non-affiliated despite part owning celsius. Also those Celsius loans are USDT denominated with crypto collateral.