And the Cantor Fitzgerald CEO, a US bank authorized to deal in US treasuries, said at Davos (!) that iFinex/Tether actually had the USD they claim they have.
A strange development. But if they do they're sitting on one of the most profitable business on earth: emit a currency that doesn't pay interest, to the tune of tens of billions (and soon more than a hundred billion), and rake in the US treasuries yeld.
BTW we don't hear much on the subject from Centre (Coinbase+Circle consortium emitting the USDC stable coin). Coinbase gives a yeld on the USDC stored at Coinbase itself but they don't give it to USDC not stored at Coinbase. At 26 billion USDC circulating, this seems to be quite the business model too.
A strange development. But if they do they're sitting on one of the most profitable business on earth: emit a currency that doesn't pay interest, to the tune of tens of billions (and soon more than a hundred billion), and rake in the US treasuries yeld.
BTW we don't hear much on the subject from Centre (Coinbase+Circle consortium emitting the USDC stable coin). Coinbase gives a yeld on the USDC stored at Coinbase itself but they don't give it to USDC not stored at Coinbase. At 26 billion USDC circulating, this seems to be quite the business model too.