Another very good catch from Jakal. https://t.co/e6arJBDHac | by Patrick McKenzie

Patrick McKenzie

@patio11

22 days ago

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Another very good catch from Jakal. t.co/e6arJBDHac

By the way: I do not think we actually know the amount Tether has charged counterparties to redeem historically or will charge in future. “But they have said higher of 10bps or $1k on their website for years.” Yes. Their website has said that. Their website has said… things.

But be that as it may Tether has just counted future revenue as part of its reserves to find a minuscule 10bps additional capital buffer.

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