Re:Crypto.com Will Delist Tether in Canada
by voytec on Tuesday January 10, 2023 @11:35PM
(#34335032)
> https://tether.to/wp-content/uploads/2021/05/march-31-2021-r...
This PDF URL permanently redirects (HTTP 301) to https://tether.to/transparency
Re:Crypto.com Will Delist Tether in Canada
by 1vuio0pswjnm7 on Wednesday January 11, 2023 @12:32AM
(#34335344)
Re:Crypto.com Will Delist Tether in Canada
by evdubs on Tuesday January 10, 2023 @11:53PM
(#34335141)
The latest report [1] shows < 0.1% assets held in commercial paper. They didn't disclose individual issuers, but they've previously disclosed the credit ratings for the commercial paper and most were A-2, A-1, and A-1+ (equivalent to BBB and better for bonds). Since they were able to rotate out of the commercial paper, the credit worthiness of it was good enough.
There's a separate line item for "Secured Loans" which is where money lent to affiliated crypto entities would go. Tether previously stated that these loans would also be wound down. [2]
[1] https://assets.ctfassets.net/vyse88cgwfbl/1Xfu4398CIoMiuKjPh...
[2] https://tether.to/en/tether-addresses-fud-around-secured-loa...
This was published as a result of the agreement Tether made with the NY State Attorney General. If the NYAG had not taken action against Tether, would they have ever released this infromation.
https://tether.to/wp-content/uploads/2021/05/march-31-2021-r...
Note the percentage of cash and the percentage of "commercial paper" for which none of the issuers are disclosed. Are those issuers banks. Are they other crypto startups. Are they affiliated crypto entities (like Alameda was to FTX).
Perhaps I have missed the other pages of this financial disclosure from Tether, where further details are found.