• Market Cap: $1,147,439,647,472.72
  • 24h Vol: $37,971,005,123.63
  • BTC Dominance: 44.68%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Institutions short Tether amid concerns over stablecoin’s reserves

Jon Hartney by Jon Hartney
July 4, 2022
in Bitcoin, Blockchain, Business, Market
0
Institutions short Tether amid concerns over stablecoin’s reserves
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

June 8, 2023
SEC’s crypto actions surged 183% in 6 months after the FTX collapse

SEC’s crypto actions surged 183% in 6 months after the FTX collapse

June 8, 2023


Short selling on the USDT stablecoin has increased despite Tether assuring the community that its reserves are fully backed. The Chief Technology Officer at Tether, Paolo Ardoino, had posted a thread confirming that traditional hedge funds were shorting the stablecoin.

Fear of USDT depegging

On Friday, a liquidity pool facilitating swaps between three of the largest stablecoins Circle (USDC), Tether (USDT), and MakerDAO (DAI) showed that Tether reserves constituted 65% of its composition. This showed that investors were concerned about the ability of the stablecoin to maintain its peg.

Ardoino has been adamant that the company has enough reserves to meet all redemptions. In the recent Twitter thread, he noted that the company managed to facilitate $10 billion worth of withdrawals after Terra LUNA’s collapse.

Buy Bitcoin Now

Your capital is at risk.

Shortly after the TerraUSD collapse, USDT depegged briefly to around $0.95 but bounced back to $1. Hedge funds have since been betting that the stablecoin will not maintain its peg. However, the Tether team has assured its investors that the stablecoin will not follow Terra USD’s (UST) collapse. A spokesperson from the company said that it was normal for investors to swap USDT for other assets because the stablecoin was largely accessible.

Institutions are shorting Tether

Last week, Ardoino posted a long Twitter thread accusing hedge funds of shorting the stablecoin and spreading FUD to trigger massive redemptions in hopes that the stablecoin will depeg. Ardoino’s claims seem to be true, given the latest data shared by some hedge funds.

Genesis Global Trading recorded an increase in hedge funds shorting Tether between May 27, 2022, and June 27, 2022. In an interview with the Wall Street Journal, the head of institutional trades at Genesis said that the value of these short trades was in the “hundreds of million dollars.”

Crypto firms based in Asia have been counterparties to these short-selling activities done by European and American hedge funds. Tether also announced a drop in its commercial paper holdings to $4 billion. Tether plans to reduce its commercial paper holdings to provide credibility that the stablecoin is backed by several assets. These reserves help to sustain USDT’s peg at $1.

Read more:

  • How to buy Cryptocurrencies
  • How to buy Bitcoin

Lucky Block – Our Recommended Crypto of 2022

Our Rating

Lucky Block
  • New Crypto Games Platform
  • Featured in Forbes, Nasdaq.com, Yahoo Finance
  • LBLOCK Token Up 1000%+ From Presale
  • Listed on Pancakeswap, LBank
  • Free Tickets to Jackpot Prize Draws for Holders
  • Passive Income Rewards – Play to Earn Utility
  • 10,000 NFTs Minted in 2022 – Now on NFTLaunchpad.com
  • $1 Million NFT Jackpot in May 2022
  • Worldwide Decentralized Competitions

Lucky Block

Visit Site
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Read Entire Article
Tags: CryptocurrencyinsidebitcoinsInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

by Jon Hartney
June 8, 2023
0

California’s largest pension fund has significant unfunded liabilities Operators owe it to the workforce to explore how Bitcoin can

SEC’s crypto actions surged 183% in 6 months after the FTX collapse

SEC’s crypto actions surged 183% in 6 months after the FTX collapse

by Jon Hartney
June 8, 2023
0

The regulator stepped up enforcement actions in the crypto space following the revelations that took place around FTX

SEC is killing innovation in the United States — 1inch co-founder

SEC is killing innovation in the United States — 1inch co-founder

by Jon Hartney
June 8, 2023
0

US-based Web3 companies and cryptocurrency exchanges could be pushed offshore following enforcement actions against

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

by Jon Hartney
June 8, 2023
0

Enjin chief technology officer Witek Radomski said the new blockchain aims to promote creativity by facilitating the

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

by Jon Hartney
June 8, 2023
0

The US House Committee explores blockchain and Web3’s future as industry leaders testify on democratizing the

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems

June 8, 2023
SEC’s crypto actions surged 183% in 6 months after the FTX collapse

SEC’s crypto actions surged 183% in 6 months after the FTX collapse

June 8, 2023
SEC is killing innovation in the United States — 1inch co-founder

SEC is killing innovation in the United States — 1inch co-founder

June 8, 2023
NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

June 8, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin Can Save California’s Largest Pension Fund From Its Existential Problems June 8, 2023
  • SEC’s crypto actions surged 183% in 6 months after the FTX collapse June 8, 2023
  • SEC is killing innovation in the United States — 1inch co-founder June 8, 2023
  • NFT platform Enjin forks Polkadot parachain Efinity to new mainnet June 8, 2023
  • Polygon Labs president testifies on democratizing the internet with Web3, blockchains June 8, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,415.00-1.54%
  • ethereumEthereum(ETH)$1,843.01-1.29%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.03%
  • binancecoinBNB(BNB)$264.51-3.08%
  • usd-coinUSD Coin(USDC)$1.00-0.02%
  • rippleXRP(XRP)$0.52-2.23%
  • staked-etherLido Staked Ether(STETH)$1,842.13-1.36%
  • cardanoCardano(ADA)$0.327099-3.37%
  • dogecoinDogecoin(DOGE)$0.067995-0.27%
  • solanaSolana(SOL)$18.78-5.25%
  • matic-networkPolygon(MATIC)$0.78-2.05%
  • tronTRON(TRX)$0.0775240.02%
  • litecoinLitecoin(LTC)$87.90-2.66%
  • polkadotPolkadot(DOT)$5.01-2.35%
  • binance-usdBinance USD(BUSD)$1.00-0.03%
  • avalanche-2Avalanche(AVAX)$13.91-3.52%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.71%
  • daiDai(DAI)$1.00-0.14%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,500.00-1.35%
  • uniswapUniswap(UNI)$4.63-1.47%
  • leo-tokenLEO Token(LEO)$3.520.18%
  • chainlinkChainlink(LINK)$5.98-1.53%
  • cosmosCosmos Hub(ATOM)$9.58-3.55%
  • okbOKB(OKB)$44.39-2.25%
  • moneroMonero(XMR)$144.21-1.16%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • ToncoinToncoin(TON)$1.660.32%
  • ethereum-classicEthereum Classic(ETC)$16.97-1.54%
  • stellarStellar(XLM)$0.087167-1.69%
  • bitcoin-cashBitcoin Cash(BCH)$111.84-0.48%
  • true-usdTrueUSD(TUSD)$1.000.04%
  • lido-daoLido DAO(LDO)$2.18-8.73%
  • internet-computerInternet Computer(ICP)$4.16-3.62%
  • filecoinFilecoin(FIL)$4.12-4.28%
  • quant-networkQuant(QNT)$110.98-4.45%
  • crypto-com-chainCronos(CRO)$0.059371-0.41%
  • AptosAptos(APT)$7.73-3.50%
  • hedera-hashgraphHedera(HBAR)$0.048377-2.41%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.13-2.62%
  • vechainVeChain(VET)$0.017833-3.50%
  • nearNEAR Protocol(NEAR)$1.41-4.09%
  • apecoinApeCoin(APE)$2.90-2.31%
  • the-graphThe Graph(GRT)$0.114015-1.87%
  • paxos-standardPax Dollar(USDP)$1.000.15%
  • fraxFrax(FRAX)$1.00-0.14%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.890.85%
  • rocket-poolRocket Pool(RPL)$47.41-1.87%
  • algorandAlgorand(ALGO)$0.125016-6.00%
  • the-sandboxThe Sandbox(SAND)$0.487923-4.46%
  • blockstackStacks(STX)$0.641.55%
  • elrond-erd-2MultiversX(EGLD)$34.94-3.18%
  • optimismOptimism(OP)$1.38-2.61%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,980.19-1.29%
  • aaveAave(AAVE)$59.72-2.21%
  • fantomFantom(FTM)$0.293168-2.27%
  • render-tokenRender(RNDR)$2.21-4.50%
  • tezosTezos(XTZ)$0.84-3.70%
  • theta-tokenTheta Network(THETA)$0.76-1.64%
  • decentralandDecentraland(MANA)$0.417991-5.44%
  • usddUSDD(USDD)$1.00-0.07%
  • immutable-xImmutableX(IMX)$0.72-0.60%
  • axie-infinityAxie Infinity(AXS)$6.23-4.92%
  • BitDAOBitDAO(BIT)$0.483183-1.67%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.82-0.08%
  • radixRadix(XRD)$0.066889-2.24%
  • havvenSynthetix Network(SNX)$2.13-4.32%
  • Bitget TokenBitget Token(BGB)$0.4816081.15%
  • kucoin-sharesKuCoin(KCS)$6.84-3.01%
  • flowFlow(FLOW)$0.63-4.13%
  • neoNEO(NEO)$9.00-3.01%
  • galaGALA(GALA)$0.026017-2.51%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • curve-dao-tokenCurve DAO(CRV)$0.76-3.06%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001014.65%
  • bitcoin-cash-svBitcoin SV(BSV)$30.23-0.84%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.21%
  • makerMaker(MKR)$629.590.05%
  • gatechain-tokenGate(GT)$4.05-2.13%
  • kavaKava(KAVA)$0.99-9.78%
  • injective-protocolInjective(INJ)$6.91-3.80%
  • klay-tokenKlaytn(KLAY)$0.164291-7.33%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • bittorrentBitTorrent(BTT)$0.0000010.69%
  • iotaIOTA(MIOTA)$0.180295-2.02%
  • pax-goldPAX Gold(PAXG)$1,922.36-0.51%
  • Tokenize XchangeTokenize Xchange(TKX)$6.14-3.09%
  • casper-networkCasper Network(CSPR)$0.044085-0.55%
  • compound-ethercETH(CETH)$37.04-1.17%
  • tether-goldTether Gold(XAUT)$1,946.04-0.64%
  • conflux-tokenConflux(CFX)$0.228317-4.48%
  • xdce-crowd-saleXDC Network(XDC)$0.0345361.58%
  • chilizChiliz(CHZ)$0.087662-4.08%
  • huobi-tokenHuobi(HT)$2.85-1.03%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • PepePepe(PEPE)$0.000001-3.66%
  • mina-protocolMina Protocol(MINA)$0.491523-2.60%
  • gmxGMX(GMX)$51.13-3.23%