Tether Holds More US Government Debt Than Australia

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 1 August 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

A look at the latest Tether reserve attestation, plus an update on the Curve hack and a new court ruling that rejects the Torres Doctrine from the Ripple vs. SEC case. Today's Episode Sponsored By: In Wolf's Clothing -- The first startup accelerator exclusively for Bitcoin and Lightning startups -- Applications for Cohort 3 open NOW -- https://wolfnyc.com/apply ** Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.0	It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:18.0	What's going on, guys? It is Tuesday, August 1st, and today we are talking about Tether and their massive holding of U.S. Treasuries.
0:26.3	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:35.7	You can find a link in the show notes or go to bit.ly slash
0:38.1	breakdown pod. Hello friends, happy August. If you are anything like me, that means that you are
0:44.0	enjoying the last embers of summer while looking excitedly towards the fall, which is obviously
0:49.8	the best season of the year. Now, today we are going to talk about a number of different topics,
0:55.0	including Tether's recent reserve attestations, but where we start is with an update of yesterday's show.
1:00.7	On that episode, which focused on the curve hack, we flagged that one of the biggest outstanding
1:04.8	issues was a massive pile of loans taken by protocol founder, Mikhail or Michael, apologies for
1:09.7	not knowing, Egeroff.
1:15.1	Blockchain analytics firm DeBank tallied up Egerov's loans and found that he had taken around $80 million in stable coin loans. That was against $168 million worth of CRV tokens
1:21.0	that were pledged as collateral. The largest loan was from DeFi lender Avey, with over $17 million
1:25.8	borrowed from both fracks and Abercadabra.
1:28.7	Egeroff had been scrambling to pay down loan since Sunday's exploit, and it seemed like
1:32.7	he began to run short of easy fundraising options almost immediately.
1:36.4	On Monday, Egarov liquidated batches of Lido tokens worth between 10,000 and 50,000.
1:41.5	Investor Adam Cochran characterized this as, quote, digging in couch cushions and selling
1:45.1	LDO tokens from other accounts via one inch to get money. He is obviously way more on the ropes than
1:49.8	people thought. Now, from the on-chain data, it looks like Eggeroff paid down several
1:53.8	million on Monday, but that was really only enough to buy him some time. It also appeared that
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