MARKETS DAILY: Featured Story | Should We Worry About Tether’s Bitcoin-Buying Plan?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 May 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
You can see resemblances between Do Kwon's Bitcoin purchases during Terra/Luna's peaks.
Featured Story:
An Opinion piece by Coindesk Deputy Managing Editor of Features & Opinion, Daniel Kuhn, titled Should We Worry About Tether’s Bitcoin-Buying Plan?
On today's show, we focus on the fact that Tether holds the largest stablecoin, USDT, which could be viewed as an attempt to de-risk its U.S. dollar exposure.
This episode was edited by Ryan Huntington, and Senior Producer is Michele Musso. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:57.5 | Today's featured stories and opinion piece by Coin Desk, Stano Koon. |
| 1:01.4 | Our piece today is entitled, Should We Worry About Tether's Bitcoin Buying Plan? Like any good Bitcoin maximalist, Tether is holding its own coins. |
| 1:15.3 | The issuer of the largest stable coin, USDT, better known simply as Tether, disclosed that |
| 1:20.5 | information in a recent blog post announcing it will be regularly buying Bitcoin with its surplus |
| 1:25.3 | profits to build up its war chest. |
| 1:27.6 | This follows a surprisingly robust attestation, also known as an assurance report completed |
| 1:32.1 | by a top five accounting firm BDO Italia, which its important to note is not the same as |
| 1:36.6 | an audit, showing Tether netted $1.48 billion in profits for just the first quarter of this |
| 1:41.8 | year. The firm's excess of reserves, as they describe |
| 1:45.0 | them, has doubled to $2.4 billion, which I think would be included in the $81.8 billion in consolidated |
| 1:50.6 | total assets, most of which would be cash, cash-like, or other investments Tether makes to back its |
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