For Every $1 of Tether There Are $0.03 In Cash

Tether has shared an asset breakdown with several crypto news outlets. (Archive) It has revealed to us that for every Tether in circulation on March 31st, 2021 they had approximately 3 cents. Obviously it is a little more complicated than that. We know they have to have something else in their reserves. So what is … Continue reading For Every $1 of Tether There Are $0.03 In Cash

Tether’s New Attestation: Thanks For Nothing

Tether has released a brand new attestation (archive) (my copy) showing that they are fully backed! Well, it shows that for at least one entire minute Tether was fully backed. Moore Cayman, an auditing firm in the Cayman Islands, has provided an assurance opinion on the current reserves of Tether. I am going to highlight … Continue reading Tether’s New Attestation: Thanks For Nothing