Today, Tether published a new assurance opinion completed by independent accountant MHA Cayman. According to the accountant’s report, the company has reduced its commercial paper holdings over the prior quarter from USD 24.2bn to USD 20.1bn (as of March 31), and increased its holdings of US treasury bills, which are perceived as safer.
Still, it appears users have remained nervous since the collapse of UST, the Terra (LUNA) network’s algorithmic stablecoin. Commenting on the situation on Wednesday this week, Jim Bianco, president of the investment analysis firm Bianco Research, pointed out that a tether liquidity pool on the Curve (CRV) decentralized finance (DeFi) platform remains unbalanced.
Others, including John Reed Stark, a consultant and Senior Lecturing Fellow at Duke University School of Law, were even more direct in their criticism of tether, saying that it resembles “the same ominous song [that] was sung by Madoff, Theranos & Enron.”
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