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1. Bloomberg Businessweek — “Anyone Seen Tether’s Billions?” (Cover Story, Oct 2021) — a deep investigation into Tether’s backing, counterparties, and leadershi

1. Bloomberg Businessweek — “Anyone Seen Tether’s Billions?” (Cover Story, Oct 2021) — a deep investigation into Tether’s backing, counterparties, and leadership. www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether 2. Wall Street Journal — “Cantor Fitzgerald Helps Oversee Tether’s Billions in Treasurys” — on who holds and manages a large chunk of Tether’s reserves. https://www.wsj.com/finance/currencies/wall-street-firm-oversees-billions-of-dollars-backing-tether-b56c68c1 https://www.wsj.com/finance/currencies/wall-street-firm-over... 3. CoinDesk — “Tether’s banking relationships & commercial paper exposure in newly released NYAG docs” — FOIL-sourced documents on what sat inside reserves. https://www.coindesk.com/policy/2023/06/16/tethers-banking-relationships-commercial-paper-exposure-detailed-in-newly-released-legal-documents https://www.coindesk.com/policy/2023/06/16/tethers-banking-r... 4. CFTC (primary source) — 2021 order fining Tether over reserve claims — official enforcement record on “fully backed” statements. https://www.cftc.gov/PressRoom/PressReleases/8450-21 https://www.cftc.gov/PressRoom/PressReleases/8450-21

exabrial 1y ago
Apologies, I meant about them printing the money Friday. Trying to understand the relationship with them stabilizing bitcoin prices somehow but also why everyone is worried about USDT and it being "real"
- ethbr1 1y ago
  https://www.coindesk.com/business/2025/09/30/tether-adds-usd1b-in-bitcoin-to-reserves-as-usdt-supply-nears-usd175b-blockchain-data-shows https://www.coindesk.com/business/2025/09/30/tether-adds-usd... Tether's backing / solvency become more important when it's a major provider of crypto liquidity. If liquidity is generated by many participants, the failure of one doesn't impact the underlying asset. If liquidity is concentrated in one participant, it increases the potential volatility of the asset, as that participant's failure can drastically limit liquidity and leave the asset open to bigger price swings. That said, even at $1B, Tether is a smaller portion of the BTC market than it was historically.
  - exabrial 1y ago
    Thanks! Appreciate your explanation

exabrial 1y ago

Apologies, I meant about them printing the money Friday. Trying to understand the relationship with them stabilizing bitcoin prices somehow but also why everyone is worried about USDT and it being "real"

ethbr1 1y ago
https://www.coindesk.com/business/2025/09/30/tether-adds-usd1b-in-bitcoin-to-reserves-as-usdt-supply-nears-usd175b-blockchain-data-shows https://www.coindesk.com/business/2025/09/30/tether-adds-usd... Tether's backing / solvency become more important when it's a major provider of crypto liquidity. If liquidity is generated by many participants, the failure of one doesn't impact the underlying asset. If liquidity is concentrated in one participant, it increases the potential volatility of the asset, as that participant's failure can drastically limit liquidity and leave the asset open to bigger price swings. That said, even at $1B, Tether is a smaller portion of the BTC market than it was historically.
- exabrial 1y ago
  Thanks! Appreciate your explanation