Ask yourself this, where's the proof of any backing? Where are the journalists questioning USDT's holdings? The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any tangible* evidence from the largest stablecoin.
USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
From user YogeeThere was a report last year about Tether's reserves but the problem was it's conducted by an audit firm called Cayman. Tether opened their books to them as part of their compliance but you cannot really rely on reports released by another shady company can you? Why did they not seek the expertise of top audit companies like Ernst and Young or the PwC?
Here's their reserve breakdown as reported by Coindesk,
- Cash & Cash Equivalents & Short-term deposits & Commercial paper: 75.85%
- Secured Loans: 12.55%
- Corporate Bonds, Funds & Precious metals: 9.96%
- Other investments: 1.64%
From CNBC about the NYC Lawsuit - Ryan Browne - Feb 21st, 2021 - *Note that their investigation was
highly limited in scope.*
The state’s top law enforcement official had been investigating the firms over allegations that they moved hundreds of millions of dollars to cover up the apparent loss of $850 million of commingled client and corporate funds. Tether and Bitfinex — a popular digital currency exchange — are owned by the same company, Bitfinex.
New York Attorney General Letitia James’ office says it found that Tether sometimes held no reserves to back its cryptocurrency’s dollar peg. It said that, from mid-2017, the company had no access to banking and misled clients about liquidity issues.
In a 2019 filing, the attorney general’s office said that Bitfinex handed $850 million to a Panama entity called Crypto Capital without disclosing it to investors. Executives at Bitfinex and Tether then allegedly engaged in a series of transactions that opened up Tether’s cash reserves to Bitfinex.
“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” James said in a statement Tuesday.
“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie,” she added.
“These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”
Accounting Firm Report Card - Coindesk by: Helene Braun - March 30, 2021 To be clear, an attestation is not the same thing as an audit. The latter is designed to look for potential risks, while an attestation only evaluates whether the data being examined by the auditor is accurate. However, no stablecoin issuer has been able to secure an audit, including companies regulated by U.S. entities like the New York Department of Financial Services. In other words, the attestation puts Tether on par with stablecoin issuers such as USDC’s Centre, GUSD’s Gemini or PAX’s Paxos, at least when it comes to financial clarity.
Coindesk Report about Moore Cayman (Auditor) - now known as MHA Cayman - Jan 26th, 2022 FRC is looking at MHA's audits of the financial statements of MRG Finance UK for 2018 and 2019, ahead of a planned shakeup of the nation's audit market, according to the FT. MHA is a subsidiary of Baker Tilly International, the 11th-largest auditor of London-listed companies by market value, according to the FT, quoting Adviser Rankings.
but please dont 
