Tether reserves backed by 2.9% cash • Hacker News Board

Re: Tether reserves backed by 2.9% cash

#181

Post by user-the-name » Sun, May 16, 2021, 7:36 PM UTC

tambourineman88 wrote: post #136

Clewza313 wrote: post #106

Earlier quoted context omitted.

Tether released a statement of assets . They said nothing at all about liabilities.

No idea if this is worth the paper it is written on but Stuart Hoegner posted this on Twitter: https://tether.to/wp-content/uploads/2021/04/tether-assuranc...

Tether has repeatedly lied about their reserves. There is zero reason to take any claim they make at face value.

Re: Tether reserves backed by 2.9% cash

#182

Post by jimmydorry » Mon, May 17, 2021, 11:03 AM UTC

raducu wrote: post #99

jimmydorry wrote: post #94

Earlier quoted context omitted.

It feels like people don't understand Tether. Tether was originally created to be an intermediary between exchanges and anyone that wanted to move large amounts of USD without paying price spreads to buy / sell on either end. Tethers are essentially IOUs pegged to USD. While the Tether organization may have originally waited for the Tether purchaser to transfer the money into their accounts before issuing the Tether,…

Wow, that is some serious rationalization right there. Am I the only one remembering them claiming to be fully backed by USD in some bank accounts?

I certainly remember it too. I even mentioned it in the comment you replied to!

Re: Tether reserves backed by 2.9% cash

#183

Post by runeks » Sat, May 22, 2021, 1:41 PM UTC

Honest question: if I deposit ten billion dollars in my bank account at a regulated US bank, what happens to it? Is the bank not going to buy T-bills with it, or even commercial paper? What are the rules around this for regulated banks?