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No, #2 should be: "Calculate the value of deposits across issuer's bank accounts in USD and subtract any debts that the issuer has."

• mike_d 4y ago
  Debts would be #1 in parent posts example. Based on the independent audit from earlier this month, they have combined liabilities of ~$82 billion in issued tokens and $75 million in other. Total assets exceed total liabilities by $162 million.
  • seoaeu 4y ago
    Issued coins aren’t the only possible kind of debt. They might also have taken out loans that wouldn’t show up on the blockchain but enable them to inflate their bank account balances
    • mike_d 4y ago
      That is the $75m in "other liabilities."