Tether This is fact. PSA: Stuart Hoagner (Tether's lawyer) just basically confirmed that Tether is in fact holding Chinese Commercial Paper. In that context, it means that Tether may own around 5% of all the commercial paper globally. Tether has denied holding any Evergrande debt, but Hoegner, Tether’s lawyer, declined to say whether Tether had other Chinese commercial paper. Commercial paper and certificates of deposit make up nearly half of Tether’s assets, some $30.8 billion on June 30, 2021 — the date specified in its most recent assurance report. … Tether Says Massive Reserves Held in Investment-Grade Commercial Paper Creator of popular stablecoin has faced pressure to explain where it … Tether Tether (Finally) Releases Breakdown Of Its $42 Billion In ... 2127 Total views 6 Total shares The firm behind the world’s leading stablecoin, Tether, is facing more regulatory pressure this week with U.S. financial watchdogs scrutinizing the composition of its reserves. Here’s how Tether divvies it up: 65.39% is commercial paper — Commercial paper refers to a short-term loan for up to 12 months. If Tether goes to 0. Tether claims not to hold any commercial paper from ... Evergrande is trying to find a way to cut costs and sell some of its assets to find its way. With $20B in commercial paper at the time of the attestation, and 50% more USDT on the market since, tether presumably has $30B in commercial paper at time of writing. Evergrande is trying to find a way to cut costs and sell off some of its assets to dig its way out. Tether We're supposed to believe that tether somehow holds 3% of the US commercial paper market at time of writing, and that they apparently bought 1% of the entire market in the last month alone. Tether. The entire commercial paper market in the US is around $1T per year. Tether’s users presumably own the bonds and commodities backing the stablecoin, “So the interest earned is the users’ right,” said Sogani. According to a July 27 Bloomberg report the Acting Comptroller of the Currency Michael Hsu […] In order to ensure it has diversified exposure, Tether imposes limits on individual issuers and on regional exposure. 248 People Used More Info ›› Tether, the largest stablecoin issuer in the crypto space, released its first breakdown of reserve holdings. Of their $42 billion in funds, on March 31, Tether claims to hold over 75% of their reserves in cash and cash equivalents, most of which are in the form of commercial paper. But some hold their cash reserves in riskier assets, the report said, including short-term business loans known as commercial paper, corporate and municipal bonds, and even other cryptocurrencies. According to a July 27 Bloomberg report the Acting Comptroller of the Currency Michael Hsu said regulators are looking into Tether’s stockpile of commercial paper to see whether each USDT … With its rapidly growing market capitalization, one-to-one stablecoins are … The trouble with Tether, Cramers on the case. Bitcoin proof of stake consensus - Bitcoin PoS a Peer-to-Peer Electronic Cash System. Commercial paper and certificates of deposit make up nearly half of Tether’s assets, some $30.8 billion on June 30, 2021 — the date specified in its most recent assurance report. By Scott Chipolina. Tether has also given the breakdown of the maturity of the commercial paper and certificates of deposit holdings this time. Tether is still under regulatory pressure with eyes now cast towards its commercial paper reserves. Roughly 93% of Tether's commercial paper and certificates of deposit holdings was rated A-2 and above, while 1.5% was rated below A-3. Tether said it will inject about half of its reserves into commercial paper. Tether Treasury plots stablecoin crackdown even as Tether’s dominance wanes September 19, 2021 admin 0. If it’s IBM or Amazon, that’s as good as cash. The lawyer did however, reassure Faux that the majority of Tether’s commercial paper holds high ratings from credit rating agencies. In May 2021, Tether published a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper. Evergrande, China’s second largest real estate developer by revenue, recently warned of defaulting massive debts. That is a major deterrent. with Bitfinex (or related shell companies). We’re supposed to believe that tether somehow holds 3% of the US commercial paper market at time of writing, and that they apparently bought 1% of the entire market in the last month alone. This places them among titans of finance: The asset allocation strategy in the reserves seems to be copied from an investment fund at tether’s bank, Deltec. ... and they are often underpinned by commercial paper, a … With its rapidly growing market capitalization, one-to-one stablecoins are competing with short-term debt products. The majority of these holdings had a maturity of 81–365 days, followed by 0–90 days and 91–180 days. Hindenburg is seeking information including Tether's commercial paper holdings, service providers, and its process for printing reserves. Bitfinex and Tether did not admit any wrongdoing but paid an $18.5 million fine. Commercial paper and certificates of deposit make up nearly half of Tether’s assets, some $30.8 billion on June 30, 2021 — the date specified in its most recent assurance report. Do the math, and the unspecified commercial paper comes to just under half – 49% – of USDT’s collateral. The fact that commercial paper accounted for half (49.6%) of assets was a particular eyebrow-raiser. Evergrande, for its part, is the largest commercial paper issuer in China’s real estate market, owning some $32 billion worth of commercial paper at the end of last year. Tether’s defenders can say that even if one were to assume Tether spent half of every dollar it is said to have taken in over the past two years on commercial paper in … The firm behind the world’s leading stablecoin, Tether, is facing more regulatory pressure this week with U.S. financial watchdogs scrutinizing the composition of its reserves. Ardoino revealed that the project was inspired by Tether itself and pointed to the stablecoin’s “commercial paper” backing that led to Tetherino opting … Tether said that it funnelled roughly half its reserves into commercial paper. In Tether’s March attestation, commercial paper made up approximately 50% of … 80% of decentralised currency volume disappears overnight. So, let’s go a step further and try to understand potentially who Tether has been making commercial paper loans to in understanding where the risk may be. The most popular one, Tether, launched in 2014 and is pegged to the dollar. It’s got a market capitalization of more than $60 billion. USDT tokens are involved in half of worldwide Bitcoin trades. And there have been questions about whether movements in Tether have created price manipulation in Bitcoin. Approximately half of Tether’s $62.8 billion assets as of the end of June 2021, were backed by commercial paper and certificates of deposit, according to the company. Evergrande, China’s second-largest property developer by sales, recently warned that it was in danger of defaulting on massive debts. The firm behind the world’s leading stablecoin, Tether, is facing more regulatory pressure this week with U.S. financial watchdogs scrutinizing the composition of its reserves. Tether’s report suggests that it has accumulated nearly $ 30 billion in such commercial paper – the seventh largest in the world. It is similar to a bond in that you have the ability to transfer and trade it. Tether could shock the commercial paper and US short-term securities market. We understand that Tether lends out its USDT in overcollateralized loans, likely for Bitcoin and Ether, but Tether has never formally disclosed how those operations work. Fitch analysts believe that the current growth rates and reserve allocations imply that stablecoins could emerge as a key investor group. Tether Holdings Ltd. had assets totaling at least $69 billion as of Sept. 30, according to an assurance from Cayman Islands-based Moore Cayman. Commercial paper refers to short-term debt securities issued by corporate entities that are not secured. This is where it gets murky as Tether is largely unaccountable, offshore and their finances are a … The company claims to hold a significant portion of its reserves in commercial paper yet has disclosed virtually nothing about its counterparties. This is where it gets murky as Tether is largely unaccountable, offshore and their finances are a black box. The strange thing is that, at least for now, most participants in the crypto market, including some very large and sophisticated operators, don’t seem to care about any of the risks. Tether insists that its reserves are almost 50% in commercial paper. Tether broke down its stable coin reserves in May 2021, with the firm revealing only 2.9% of its holdings were available in cash as the rest existed in commercial paper.
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