Reading 2021-12-28
Metadata
- Ref:: Financial Times, archived version
- Title:: Tether says its reserves are backed by cash to the tune of 2.9%
- Author:: Jemima Kelly
- Year of publication:: 2021
- Category:: News
- Topic:: #topic.cryptoasset
- Related: Tether Fees
Notes from reading
ref: WhiteboardCrypto Newsletter #11
It has been long speculated that the stablecoin Tether is not fully backed by cash reserves, and the release of their quarterly report showed that it was in fact... not fully backed. Their report showed that only that 75.85% percent is backed by Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper and that only 3.87% of that is actually backed by cash reserves, meaning only 2.9% of the total supply of Tether is actually backed by cash.
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