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Tether's attestation reports are a form of proof that show they indeed are 1-1 backed by the value of outstanding USDt tokens at par. [1]. Paxos publishes the s
by evdubs 4y ago
Tether's attestation reports are a form of proof that show they indeed are 1-1 backed by the value of outstanding USDt tokens at par. [1]. Paxos publishes the same for BUSD on ETH. [2] Paxos has redeemed $10B of BUSD (> 50%) in an orderly fashion over the past couple months as they wind their product down.
[1] https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
[2] https://paxos.com/busd-transparency/ https://paxos.com/busd-transparency/
- automatic6131 4y agoTether's attestation reports are not worthy to be my toilet paper. BUSD on BSC has been demonstrated to not at all be backed by enough BUSD on Eth as managed by Paxos (which does seem to be backed)
- DalasNoin 4y agoWhile I don't like tether and am aware of some of its shady practices, people who bet against it have lost a lot of Bayes points at this moment in time.
- automatic6131 4y agoNot an argument - here are some of the boring, platidinous responses: The market can remain irrational longer than you can remain solvent; how long did Madoff's ponzi last again?; why would anyone bet against the casino owner in a casino of their making; something something counterparty risk. The Tether fraud has only really been rip roaring for about 4 years. We're still so early :^).
- NotYourLawyer 4y agoAttestation reports are not audited financial statements.
- evdubs 4y agoAnd? Having an income statement or a cash flow statement is not what Tether critics claim to want. The attestation report is basically a balance sheet for Tether showing their assets (cash, cash equivalents, etc.) and liabilities (outstanding USDt tokens). BDO Italia confirms Tether's assets by going directly to Tether's banking partners to get their info. The reports are point-in-time, but there have been several of them by now and each one has shown Tether to be backed. Same for Paxos.
- NotYourLawyer 4y agoNone of them are audited. Only a fool would believe anything they say.
- evdubs 4y agoThe NYAG requires Tether to produce these reports. The NYAG would have already stepped in if these reports weren't to be believed.
- NotYourLawyer 4y agoLet’s revisit this comment in a year or three.