Tether’s Reserve Attestations: Commercial Paper Down, Treasurys Up

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 20 May 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. Tether has released its Q1 reserve attestations. On today’s episode, NLW covers what many in the industry are seeing as positive shifts. He also looks at some recent regulatory news, including the SEC and CFTC increasing enforcement actions. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: wsmahar/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Thursday, May 19th, and today we are talking about Tethers' latest
0:28.7	reserve attestations. Will they be enough to quell discussion of Tethers' viability post-UST?
0:37.0	Before we get into that, a quick administrative note. There are two
0:40.9	ways to listen to the breakdown podcast. You can find it on the CoinDesk podcast network feed,
0:46.3	which features the breakdown as well as some other great shows from CoinDesk, or you can get it
0:51.0	on the breakdown-only feed. The Coin-desk feed comes out in the afternoon, and the breakdown-only feed comes out in the evening.
0:57.8	Wherever you are listening to it, I hope you'll take a moment to give it a rating and a review.
1:02.2	It really helps out the show.
1:04.4	Lastly, a disclosure as always, in addition to them being a sponsor of the show, I also work with FTX.
1:10.5	So let's wade into a field of landmines
1:13.3	and talk about tether, shall we? On yesterday's show, I talked about how much focus there has been
1:18.7	on tether in the wake of the U.S.T implosion. A part of that, of course, is that so many critics
1:23.4	assumed that it would be tether to be the stable coin that would have a catastrophic event.
1:28.0	The discussion has been around the $9 billion or so of redemptions in the last few days.
1:33.4	Some have pointed to that as proof of Tether's weakness, while others pointed out that being
1:37.4	able to quickly redeem billions might be a sign of strength.
1:41.0	Either way, this morning, we got a Bloomberg piece called Barclays warns even fully
1:44.8	collateralized stable coins, may be prone to downward spiral.
1:48.6	Here is the very confusing argument from a Barclays analyst.
	...

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