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19 sats \ 9 replies \ @SimpleStacker 15 Jun \ on: Stablecoins Entering the Financial Mainstream (Financial Times, Philip Stafford) econ
The only thing I'd agree with is the collateral part. I don't believe Tether's claims that they have enough reserves, and you can't redeem tether directly for USD from Tether
you can't redeem tether directly for USD from Tether
I've heard this for years, but the claimants never explain: How are all the exchanges staying afloat....I mean would exchanges keep purchasing Tether and can never redeem....how would those exchanges be getting USD to fund their operations.
Moreover, Tether is banked by Cantor. The ex-CEO is now Sec of Commerce, he has famously public said "Tether has the money"
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Tether during the COVID crisis redeemed $6B of Tether without losing the peg or being busted.
This idea you can’t is false. It’s just the amounts to do so are extremely large
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It been min $100k since forever: https://tether.to/en/fees/
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What evidence is there that these redemptions actually happened? I'm not trying to be antagonistic, just want to increase my own understanding
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I have none just the MC of tether tanking and everyone on X thinking they were going to blow up like FTX.
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That's an interesting angle, and so journo should investigate that, not pontificate over wildcat banks and money laundering
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Well yeah journos are the most derelict in their duty to society of any professional class, imo. Even worse than the politicians
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The doctors?
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Yeah perhaps. During COVID definitely, but as a general rule I wouldn't say it's as bad as journalism. I interact a lot less with the healthcare world than I do with the journalistic world though
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