I've covered crypto since 2013 and know most of the people and major players pretty well. But there’s one company that's remained an enigma this whole time: Tether. Its current market cap is around $85 billion, putting it in the same league as Uber and CVS, but what goes on under the hood is anyone's guess.
On Tuesday, Tether published one of its semi-regular "attestations" to tell us that everything is grand and, in fact, better than ever. According to the company, its reserves—by which it keeps its USDT stablecoin fixed at $1—are healthy and even reflect a $3.2 billion surplus. Meanwhile, Tether says the portion of those reserves backed by secured loans are down to $2 billion while the rest is made up of firmer stuff like T-bills, gold, and Bitcoin. If this is the case, the USDT peg is stronger than ever.
