“Despite multiple regulatory sanctions over its alleged lack of truthful disclosure about its reserves, and despite Tether now having a $70 billion market cap, Tether still refuses to provide transparency to the public on its holdings.”
Tether once said every coin was backed by a dollar. Then it admitted most of the backing was commercial paper from unnamed counterparties. A $70 billion company that can’t name who owes it money is not a stablecoin. It is a short seller’s dream, and Hindenburg is paying for the proof.