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https://finance.yahoo.com/news/tether-reduced-exposure-commercial-paper-085753111.html https://finance.yahoo.com/news/tether-reduced-exposure-comme... The CTO

https://finance.yahoo.com/news/tether-reduced-exposure-commercial-paper-085753111.html https://finance.yahoo.com/news/tether-reduced-exposure-comme... The CTO of Tether issued a statement earlier today stating that Tether has significantly reduced its exposure to commercial paper and now holds the majority of its reserves in US Treasuries. That should be super easy to verify, yet he refuses to release any details, saying to just wait for their next quarterly update on reserves (which in the past has just been a one pager someone typed into Excel).

Synaesthesia 4y ago
Very suspicious behaviour, which has been ongoing for some time. Hardly inspiring of trust.
ceejayoz 4y ago
Given Tether's past relationship with the truth, I'd imagine "significantly reduced exposure to commercial paper" means "most of it is now worthless".
Loic 4y ago
Madoff used the same approach to tell everything was safe: "By purportedly selling its holdings for cash at the end of each period, Madoff avoided filing disclosures of its holdings with the SEC, an unusual tactic.".[0] This way, each time the market was down, he would answer, me paraphrasing: "nothing to worry about, I was liquid". Seen from outside, this feels the same... now suddenly backed by something way more secure, no external audits. As somebody totally outside of the crypto currency bubble, I looked for the first time today at the official market capitalization of these currencies, these are mind blowing, I simply do not understand how they can be so. [0]: https://en.wikipedia.org/wiki/Madoff_investment_scandal https://en.wikipedia.org/wiki/Madoff_investment_scandal