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A comment on Tether ordered to produce documents showing backing of USDT [pdf]. Parent comment

Re:Tether ordered to produce documents showing backing of US... by RHSeeger on Wednesday September 21, 2022 @01:05PM (#32928077)
Admittedly, unless the reserve amount required is 0

From https://www.federalreserve.gov/monetarypolicy/reservereq.htm

> As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.

--- Feel free to correct me on this; my financial knowledge is only just a bit higher than that 0% rate noted above.

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Re:Tether ordered to produce documents showing backing of US... by kasey_junk on Wednesday September 21, 2022 @01:53PM (#32928696)
The reserve requirement was removed because banks were holding too many reserves for the feds liking.

Every US bank still has asset & liability requirements including having at least as many assets as liabilities and stringent rules on what the assets are. Further they have reporting requirements as well.

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