I definitely don't trust their auditor, they're based out of the cayman islands and don't have the best reputation. https://www.coindesk.com/markets/2022/01/26/tethers-new-acco...

It's funny because this is pretty trivial stuff to audit for a 3rd party, yet they only open their books to a private company of their choosing with questionable background. It's obvious what's going on. This is the biggest issue with crypto traders, they're too damn gullible as long as the news fits their agenda.

It's not an auditor. They just signed an attestation, which is not even remotely close to an audit, saying that they saw the numbers Tether showed them - that's it !

If my memory is good, they even specifically mention in the attestation that they didn't see the details (just the aggregated numbers) and they didn't check the process by which the management calculated those numbers.

So yeah, it's taking much longer than most people expect, but the issue is certain - Tether will collapse to 0 at some point.

Nothing invokes trust like the combination of the words cayman and auditors.

They only promise that their treasure bills "have a maturity of less than 90 days". That won't help them much if there is a run on the Tether bank.

Why wouldn't it?

IIUC, Tbills have been quite liquid since the mid 1980s...

A 50% drop would trigger 99% of holders attempting to cash in.

> The other 50% could be anything

Ferraris and Yachts