Kan Tether orsaka en stor cryptocrash snart?

In July, Tether switched accountants, from a small Cayman Islands-based firm to BDO Italia, the Italian member of the global BDO network. That firm, though, is a separate legal entity from BDO in the U.S.

“In May and June 2022, Celsius made the difficult decision to forgo providing one of its lenders, Tether, issuer of USDT, a stablecoin, additional collateral and agreed to an orderly liquidation of its loan. During the market crash, Tether issued a margin call to Celsius with regard to an outstanding $841 million USDT loan. Although Celsius had always provided sufficient collateral to support its loan, and had never previously been liquidated by Tether, the Company agreed to an orderly liquidation and settlement of its loan with Tether to preserve the remaining collateral in excess of the value of the loan. This resulted in a loss of approximately $97 million.”

Pause for a moment and consider what this implies about Tether, its business operations, the nature of the reserves allegedly backing its stablecoin issuance “dollar-for-dollar,” and the price of Bitcoin.

Tether issued a massive quantity of USDT tokens in return for a loan backed by Bitcoin. We were led to believe Tether issued stablecoins only in exchange for fiat currency (like US dollars), and the company invested in ultra-safe interest-bearing instruments. Where is the fiat currency in this transaction? How widespread is this practice? In theory, holders of Bitcoin can pledge their assets to Tether, receive USDT tokens, buy more Bitcoin, and pledge it again for another loan. The net effect is to push the price of Bitcoin higher in what amounts to a digital token perpetual motion machine. We’ve long argued Bitcoin’s price should be quoted in USDT rather than US dollars, and the details uncovered in this filing validate our stance.

he Tether loan that was taken out by Celsius was an overcollateralized loan denominated in BTC (130%+), and the decision to liquidate the collateral to cover the loan was a part of the original terms of the agreement between the two entities and reconfirmed in writing before the start of the liquidation event. This process was carried out in a way to minimise as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement. Celsius position has been liquidated with no losses to Tether.