Tether’s shareholder capital cushion is full of contradictions
Tether has released a new assurance from BDO Italia, as required by its settlement with the New York Attorney General (NYAG), revealing an increase in Tether ‘Shareholder Capital Cushion’ to over $960 million.
https://tether.to/en/transparency/#reports
Some are reporting this as a "proft".
Tether reports $700 million Q4 net profit in latest attestation report
The $700 million profit is "part shareholder equity, that is, what's in excess of reserves," a Tether spokesperson told The Block. "It's basically additional capital sitting in the company to further strengthen Tether," they added.
erm... so it isn't a "profit".
This most recent attestation also notes an increase in ongoing civil litigation involving Tether to three from two, and Tether continues to maintain no provision for these.
Ah, that's where the "profits" will be going.
Tether's Attempt to Block CoinDesk's Request for Stablecoin Reserve Records Dismissed by New York Court
Coindesk is currently owned by DCG, who obviously have their own problems.
Is this what they mean by disruptive tech?
And those are the undisclosed records of the case that has closed. ;-)
Other stablecoins are being built up so as to allow USDT to crash without too much panic - well, probably a lot of panic for those holding them and those swap pools holding them.