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It is worth clarifying that this is not USDT, the actual stable coin most people use.
by mike_d 4y ago
It is worth clarifying that this is not USDT, the actual stable coin most people use.
- hh3k0 4y agoUSDT is a scam and will implode eventually, too.
- mike_d 4y agoThey now publish quarterly audits alternating between major accounting firms, and publicly disclose the breakdown of backing assets. Less than 7% is "other," including digital assets. https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports Edit: I falsely claimed they were alternating firms, but it turns out it was just a name change recently. That is my bad.
- graeme 4y agoAttestations, not audits. Tether is able to move assets between accounts on attestation day to show backing, and has done so in the past. You can read all about it in the NYAG case Edit: to reply your edit, there was no recent name change. Tether really really wants to give the impression they’re audited, but they have never done one It’s not just a name change. The purpose of the attestations is to create the illusion of an audit.
- cheeseface 4y agoThey have had the same accounting firm for the past 5 reports, not alternating. " MHA Cayman" is just the new name for "Moore Cayman". https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/ https://www.coindesk.com/markets/2022/01/26/tethers-new-acco...
- JumpCrisscross 4y agoAlso, even per their “audits,” a good deal of their assets are in crypto, which means it’s presently uncollateralised to the tune of tens of billions of dollars.
- throw_m239339 4y agoYou falsely claimed they are audits, they are not audits, not in the legal sense of the word. If they claim so then it's Tether who are committing fraud. https://fortune.com/2021/10/15/tether-crypto-stablecoin-fined-reserves/ https://fortune.com/2021/10/15/tether-crypto-stablecoin-fine... That's why Bitfinex thus Tether are banned from doing business with US citizens.
- Hamuko 4y agoIs USDT experincing a lot of movement in the wake of this? I can't imagine people looking at USDT with confidence after this, but then again, most of crypto investing seems illogical to me.
- mdasen 4y agoUSDT is a lot more popular, but there's still over $16B of UST out there (or there was before its value crashed). USDT's $83B is 5x larger, but it's not like UST was something tiny that no one used. Coinbase's USDC is $48B. $16B is still a lot of money.