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I'll borrow 100 bucks from you, they'll be backed too:

- $25 in my gas tank (50.0%)

- $10 in a crumpled bill in my pocket (20%)

- $15 of groceries that are in my fridge (40%)

don't worry about how much it adds up to or if it's liquid, it's backed

I love that these percentages add up to 110%, and even more so when comparing the dollar amount and associated percentages in relation to the original $100 and to each other.

But the numbers do add up?

The percentages add up. Are you certain that for every $100 in USDT they issue, they acquire another $2.94 in T-bills, $3.87 in cash, take out a secured loan for $12.55, and so on?

They could indeed have all of those percentages, in exactly that relationship, all combined worth... a million dollars. That would be far, far, far, far short of what it should be.

The attestation reports tell you the actual numbers (not percentages) of holdings grouped by asset type. [1]

> The Group’s consolidated total assets amount to at least US$ 66,409,619,424.

> The Group’s consolidated total liabilities amount to US$ 66,218,725,778, of which US$ 66,204,234,509 relates to digital tokens issued.

> ... US Treasury Bills ... $28,856,434,491

> ... other holdings by asset type

[1] https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...

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