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Have people basically loaned these guys a free $135B to let them buy bonds with?

throwaway-0001 1y ago
If they bought bonds would be amazing. 99% chances there is not much left. We’ve been saying this for years so not sure when will crash. But definitively it’s a scam
- delabay 1y ago
  Totally, utterly, completely false. An honest discussion of this matter has no space for tether truthers stuck in the year 2015.
  - disgruntledphd2 1y ago
    Can you provide their audits then please? Otherwise I'm not sure how you can be so certain.
    - delabay 1y ago
      If tether wants to maintain their dominant position (they do) then they will work to be compliant with the LAW, on a timeline deemed appropriate by the law makers. Take your conspiratorial trutherism elsewhere.
      - actionfromafar 1y ago
        The LAW is spelled "keep in good standing with the President". He might feel his little coin grifts are left behind. On a timeline deemed appropriate by the law makers is making a lot of heavy lifting here. The (GOP) lawmakers won't lift a finger to do anything unless the Leader says so.
      - SpicyLemonZest 1y ago
        You're right that Tether claims they could not previously get an audit and need the government to smooth the way (https://www.reuters.com/technology/tether-is-talks-with-big-four-firm-about-reserve-audit-ceo-says-2025-03-21/ https://www.reuters.com/technology/tether-is-talks-with-big-...), but why would that be the case? Companies get audited all the time. Tether seems to have their own "conspiratorial trutherism" in mind, where the Biden administration secretly told all the major audit firms that they mustn't allow Tether to be audited because that might make crypto look good. And even that doesn't explain why they couldn't get an audit from 2017 to 2020. To me the obvious explanation is that they would not pass an honest audit, and hope having the CEO of their primary brokerage in the Cabinet will help them cheat.
        tim333 1y ago
        Tether's main problem is money laundering regulations, probably not so much not having the money.
      - disgruntledphd2 1y ago
        You keep calling out people who ask reasonable questions about Tether/crypto truthers. If I were you I'd probably rethink that strategy as it doesn't seem to be working out well. Like, even Enron and Wirecard passed audits, so it's pretty weird that Tether can't.
    - sunshine-o 1y ago
      I am not sure about Tether but I see Paxos provides regular reports by KPMG https://www.paxos.com/usdp-transparency#usdp-attestations https://www.paxos.com/usdp-transparency#usdp-attestations
    - evdubs 1y ago
      The auditor BDO publishes attestations every quarter. https://tether.to/en/transparency/?tab=reports https://tether.to/en/transparency/?tab=reports
- deleted 1y ago
  [deleted]
chasebank 1y ago
Yes. IIRC they made over $10B in profit last year. Easily the most successful crypto company ever.
btilly 1y ago
Given how conveniently Tethers have appeared in the past to prop up key parts of the crypto ecosystem, many are skeptical that they have actually received as much money as they claim.
- FireBeyond 1y ago
  Their math has been hilariously unbelievable at times (except to the crypto bros)... at one point they claimed they were banking deposits of about $3B a week. To put that in perspective, that's what Saudi Aramco or Samsung might get as revenues. But hey, don't just trust them, trust their bank and it's 33 year old deputy CEO who, when people pointed out that that number didn't match up with international banking numbers, said that was because those people didn't understand the banking licenses being used in The Bahamas, and that there were two, though he couldn't remember their names, or which one they had, or whether they maybe had both. And when that looked hilariously bad, they removed his info from the bank's website. And when that looked bad, they added it back. And when that looked bad, they removed the bank's whole website, and replaced it with a broken WP template with no working links. Hey, look, several years after that, go to Deltec's website. "Ultra sophisticated private banking" running on a different WordPress site. "Client login"? "This site can’t be reached Check if there is a typo in ebanking.deltecbank.com. DNS_PROBE_FINISHED_NXDOMAIN". Just as has been the case for years. "Sounds legit to me" say the bros.
  - evdubs 1y ago
    You don't need to trust them, just BDO who attests to Tether's holdings.

If they bought bonds would be amazing. 99% chances there is not much left. We’ve been saying this for years so not sure when will crash. But definitively it’s a scam

delabay 1y ago
Totally, utterly, completely false. An honest discussion of this matter has no space for tether truthers stuck in the year 2015.
- disgruntledphd2 1y ago
  Can you provide their audits then please? Otherwise I'm not sure how you can be so certain.
  - delabay 1y ago
    If tether wants to maintain their dominant position (they do) then they will work to be compliant with the LAW, on a timeline deemed appropriate by the law makers. Take your conspiratorial trutherism elsewhere.
    - actionfromafar 1y ago
      The LAW is spelled "keep in good standing with the President". He might feel his little coin grifts are left behind. On a timeline deemed appropriate by the law makers is making a lot of heavy lifting here. The (GOP) lawmakers won't lift a finger to do anything unless the Leader says so.
    - SpicyLemonZest 1y ago
      You're right that Tether claims they could not previously get an audit and need the government to smooth the way (https://www.reuters.com/technology/tether-is-talks-with-big-four-firm-about-reserve-audit-ceo-says-2025-03-21/ https://www.reuters.com/technology/tether-is-talks-with-big-...), but why would that be the case? Companies get audited all the time. Tether seems to have their own "conspiratorial trutherism" in mind, where the Biden administration secretly told all the major audit firms that they mustn't allow Tether to be audited because that might make crypto look good. And even that doesn't explain why they couldn't get an audit from 2017 to 2020. To me the obvious explanation is that they would not pass an honest audit, and hope having the CEO of their primary brokerage in the Cabinet will help them cheat.
      - tim333 1y ago
        Tether's main problem is money laundering regulations, probably not so much not having the money.
    - disgruntledphd2 1y ago
      You keep calling out people who ask reasonable questions about Tether/crypto truthers. If I were you I'd probably rethink that strategy as it doesn't seem to be working out well. Like, even Enron and Wirecard passed audits, so it's pretty weird that Tether can't.
  - sunshine-o 1y ago
    I am not sure about Tether but I see Paxos provides regular reports by KPMG https://www.paxos.com/usdp-transparency#usdp-attestations https://www.paxos.com/usdp-transparency#usdp-attestations
  - evdubs 1y ago
    The auditor BDO publishes attestations every quarter. https://tether.to/en/transparency/?tab=reports https://tether.to/en/transparency/?tab=reports
deleted 1y ago
[deleted]

chasebank 1y ago

Yes. IIRC they made over $10B in profit last year. Easily the most successful crypto company ever.

btilly 1y ago

Given how conveniently Tethers have appeared in the past to prop up key parts of the crypto ecosystem, many are skeptical that they have actually received as much money as they claim.

FireBeyond 1y ago
Their math has been hilariously unbelievable at times (except to the crypto bros)... at one point they claimed they were banking deposits of about $3B a week. To put that in perspective, that's what Saudi Aramco or Samsung might get as revenues. But hey, don't just trust them, trust their bank and it's 33 year old deputy CEO who, when people pointed out that that number didn't match up with international banking numbers, said that was because those people didn't understand the banking licenses being used in The Bahamas, and that there were two, though he couldn't remember their names, or which one they had, or whether they maybe had both. And when that looked hilariously bad, they removed his info from the bank's website. And when that looked bad, they added it back. And when that looked bad, they removed the bank's whole website, and replaced it with a broken WP template with no working links. Hey, look, several years after that, go to Deltec's website. "Ultra sophisticated private banking" running on a different WordPress site. "Client login"? "This site can’t be reached Check if there is a typo in ebanking.deltecbank.com. DNS_PROBE_FINISHED_NXDOMAIN". Just as has been the case for years. "Sounds legit to me" say the bros.
- evdubs 1y ago
  You don't need to trust them, just BDO who attests to Tether's holdings.