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Federal Investigators Probe Cryptocurrency Tether (www.msn.com)

submitted 3 weeks ago by Wronnay@lemmy.ml to c/crypto@lemmy.ml

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[–] dhork@lemmy.world 2 points 2 weeks ago* (last edited 2 weeks ago)

They're not a bank, though. Banks are regulated in terms of what assets they keep, and where. We only have Tether's word.

https://tether.to/en/transparency/?tab=reports

They claim that 84% of their reserves are held as cash or cash equivalent, with 81% of that in US Treasury notes. Then why do they use some obscure Italian accountant to attest to that? They ought to be able to get a big name firm to attest to having $100 billion in US treasuries.

They also claim to hold 5% of their reserves in Bitcoin, which is 5% too much.