Excuse me but HAHAHAHAHAHAHAHAAAAA!!!! Looks like Tether is now fully legit and not, "made out of thin air!" like you have been saying for the past 3 years now. We can now move on, and all this BS about Tether can end today. Don't ever bet against Bitcoin or you will fail!
no it is not legit. Saying that they hired auditors and producing audit are 2 different things. They promised audit for how many years????
I saw a video, I think it was Mark Yusko, explaining how crypto asset stablecoins will be very important for the US $ as a global reserve currency I'm just going to list the things that I remember from the video (if I misstate or misunderstood something, whatever, you get what you pay for, I'm no expert, dyor) China, Japan and Russia dumping their US Treasuries US debt is over $31 Trillion The interest payment burden will force the US to keep issuing new debt Big buyers of the past don't want to buy US Treasuries any more, they have their own problems, like UK and Japan and Russia and China don't trust the US will ever pay the debt and Yellen talked about lack of liquidity, who knows these things, price keeps crashing, yield keeps going up BRIC, in particular China and Russia, and India, wanna do trades not using US $ ------ Enter crypto assets stablecoins. USDC and USDT combined would be buying over $100B worth of US Treasuries Maker DAO, a DeFi stablecoin is investing in US Treasuries in their collateral algo. This may not be the only one that would do this Crypto Asset Stablecoin - the hero the US $ needs but does not deserve Mark's conclusion was that the stablecoins will be allowed to grow in value to trillions of $ as they will be the number 1 buyer of US Treasuries ------- And this will further strengthen the US $ as the world's global currency Imagine a Canadian under attack from account freezing by their government and value erosion against the US $ can now hold $100K USD via Tether on their computer without any risk of a government official confiscating it Or how about a street vendor in Turkey needing to store value in the US $ to fight off very high inflation, can do it on their cell phones. Same with a person in Argentina Or how about that college student in Laos having some US $ in a cell phone, or a mother in Lebanon having some US $ on her cell phone All possible with USDT or USDC Borderless access to the US $ -------- But crypto haters would prefer digital Yuan, Ruble or Rupee ngmi
You can not just issue Tethers and use them to buy UST. The above argument is not valid. They need 100 billions to buy UST, and tether does not have it. We will see pathetic excuse at some point why audit was not complete. do you recall original claim for every USDT we issue we have 1 USD. This went for years. And then they admitted it was a lie. Why ever believe them again????
It says' they will be releasing monthly reports on reserves before the end of the year. I don't know what more you could ask for. You act like they should give you their bank account information so you can perform an audit yourself. You're delusional, no amount of evidence is enough to convince you of the true amount of their reserves.
They do not need to say they will release, they just need to release. We all know there will be no audit release, excuse will be like last time, auditors do not understand their business model.
Excuses excuses... Next thing you know they will release their monthly statement, and when they do you are just going to say, "Oh! You can't trust those numbers! They were not done from an american auditor!" Same thing we've been hearing from you for years now. Not days, not months, but years....
The Chinese central bank should just hire the stable coins to run the Yuan/USD peg. Had this massive move in the Yuan but the stable coins just shake off historic moves in the dollar like it didn't even happen. I don't know the commercial paper markets at all but I would suspect if you started the year with 30 billion in commercial paper, you don't have 30 billion now. I wouldn't be shocked if Tether has been bailed out a few times by big players who now probably own a piece. I don't think a scam is the right language. More like a front for the crypto banksters who have no interest in seeing Tether do anything other than persist.