My question is: how have Tether managed to turn a profit on billions of dollars of long treasuries when the same thing literally bankrupted several banks with actual risk managers. Tether have never admitted to taking a loss, ever - and have continued operating despite admitting to the SDNY being short as much as 1/3 of their entire backing store at one point. Really makes you think. Either they are the single best traders on the face of the earth - and remember there's like 3 of them on a hammock in the Bahamas, including a plastic surgeon who used to sell pirated Microsoft products - or there's something more to this story.

That aside it's hard to see what the crypto community is so in love with here. This is - at best - an opaque, trusted, centralized dollar derivative whose leadership refuses to actually verify their holdings. They also have the ability to randomly freeze coins without due process -- and they do! Even more so than other stablecoin issuers. Far more than Circle. And they cooperate with the US government, allegedly.

Their main differentiator appears to be running a PayPal for pig butchering scams in Cambodia, and they seem to be antithetical to everything crypto stands for.

No idea why we're even giving this story the time of day, it's the same baseless claims they've been making the whole time but with marginally higher numbers. Let's revisit this when they actually post an audit.