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Tether USDT : fiables ?


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16 hours ago, Wayto said:

10 milliards en un mois, tout va bien.

En quoi est-ce un problème si il y a des dollars en réserve derrière ? Si on suppose que ce n'est pas une arnaque, ce n'est qu'un étape de plus par rapport à un achat de crypto en fiat.

Tu penses à un comportement de bulle ?

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il y a 12 minutes, Sekonda a dit :

Si on suppose que ce n'est pas une arnaque, ce n'est qu'un étape de plus par rapport à un achat de crypto en fiat.Tu penses à un comportement de bulle ?

Oui, sauf que je suppose le contraire.

 

Même si ce n'en est pas une, vu les propos de McCormack, Tether pourrait très bien imprimer 10 milliards de tokens, acheter du Doge avec (le timing de la hausse des dernières semaines est suspicieux) et ces 10 milliards seraient back par leur nouvel asset que sont les tokens Doge.

Citation

In a previous podcast appearance on Peter McCormack’s What Bitcoin Did, Tether General Counsel Stuart Hoegner had stated that “every Tether is 100 percent backed by our reserves.” Those reserves, according to Hoegner, “include traditional currency and cash equivalents, and may include other assets and receivables from loans made by Tether to third parties.

 

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  • 3 weeks later...

Les réserves de Tether :

tether-reserves-breakdown-2021-03-31.png

 

Citation

The actual US dollar backing for the tether token is 3.87% of 75.85%, or 2.94%. Tether claimed a backing reserve of $42.35 billion as of 31 March — so that’s $1.243 billion.

Citation

The largest part of the reserve — 49% — is commercial paper.

“Commercial paper” is short-term debt issued by a corporation. It’s a money market security, sold by a large corporation to meet short-term obligations, such as payroll. It’s not backed by anything — only a promise to pay the face value when it matures. Sufficiently liquid commercial paper can be counted as cash-equivalents — but commercial paper has credit ratings, and the issuer and their credit rating should be stated, if the intent is to assure the reader of the robustness of the reserve.

Tether explicitly says the “loans” are not to related entities, such as associated company Bitfinex. They do not say this about the “commercial paper”. Did Tether refinance their previous loan to Bitfinex as commercial paper, which they then don’t have to state is a loan to an associated entity?

Tether is rumoured to have substantial backing by loans of tethers — i, selling tethers to exchanges at a deep discount, and accounting the discount as a loan. Did Tether somehow account for the discount as commercial paper — buying commercial paper with tethers instead of dollars?

 

  • Haha 1
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L'article du Financial Times à ce sujet : https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9

 

Citation

In the 2019 affadavit, Hoegner pointed out that commercial banks operate under a similar “fractional reserve” system, and that this was “hardly a novel concept”. But 2.9 per cent is really quite the fraction isn’t it? And the difference here, of course, is that commercial banks are subject to stringent regulations and thorough independent audits, neither of which apply to Tether.

 

When we asked Tether about this a couple of months ago, Hoegner told us that “Tether does not purport to be a bank, call itself a bank, or carry on a banking business”, and that “Tether Limited is registered as a money services business” and was regulated as such. So it doesn’t purport to be a bank, but it points out that it operates a fractional reserve system like banks. Doesn’t that crypto-cake taste so damn good when you can have it and eat it all at the same time?

 

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Ben a premiere vue quand ca va peter, le seul endroit ou t es pas a coté c est en fiat, autant dire que ca va toucher du monde

  • Yea 2
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  • 4 weeks later...
Citation

Tether operates a so-called stablecoin, which it says is backed one-for-one by dollar assets. In May, it provided a breakdown of these reserves, which Tether claims included just under $30bn in commercial paper, a short-dated investment similar to cash. Such holdings of companies’ short-term debt would make it the seventh largest in the world. But this reported accumulation has largely gone unnoticed on Wall Street, according to several of the biggest players in the market including bank traders, analysts and money market funds.  “Until last week we hadn’t really heard of them” said a trader at a large bank. “It was news to us.” JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit.

 

https://www.ft.com/content/342966af-98dc-4b48-b997-38c00804270a

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