I think they are partially backed, and kicking themselves back billions of dolla... | Hacker News

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		adflux on June 26, 2021 \| parent \| context \| favorite \| on: US Fed Official Calls Tether a ‘Challenge’ to Fina... I think they are partially backed, and kicking themselves back billions of dollars. It's trivial to do this for them, and their whole board is filled with crooks, ponzi schemers and "Criminal" lawyers. They hide behind anonymity and shady shell corporations. Their ceo hasn't been seen for years. Etc etc etc.

onlyrealcuzzo on June 26, 2021 [–]

By their own numbers, it is at most 2.9% backed by cash.

The rest of it is supposed to mostly be commercial paper.

The problem with that is, in one month, they would've needed to buy more commercial paper than was even sold.

So that part is likely false, too.

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