• Market Cap: $1,556,299,101,657.14
  • 24h Vol: $55,201,508,068.38
  • BTC Dominance: 49.63%
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

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

December 2, 2023
What Is Polygon Matic: An Explainer

What Is Polygon Matic: An Explainer

December 2, 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

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

by Jon Hartney
December 2, 2023
0

The Bitcoin future price trajectory has been the talk for many months, as many analysts expect the next surge anytime...

What Is Polygon Matic: An Explainer

What Is Polygon Matic: An Explainer

by Jon Hartney
December 2, 2023
0

Polygon (MATIC) is one of Ethereum’s premier scaling solutions This article addresses critical questions such as “What is Polygon”, “What...

Do Kwon: What Happened To The Terra Luna Founder?

Do Kwon: What Happened To The Terra Luna Founder?

by Jon Hartney
December 2, 2023
0

Few names have sparked as much intrigue and controversy as Do Kwon (sometimes called Kwon Do) From the meteoric rise...

XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move

XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move

by Jon Hartney
December 2, 2023
0

Crypto analyst JD has once again commented on XRP making a “parabolic” move This time around, he has identified exactly...

Bitcoin Miner Revenue Sees Massive 6-Month Crash – What’s Going On?

Bitcoin Miner Revenue Sees Massive 6-Month Crash – What’s Going On?

by Jon Hartney
December 2, 2023
0

Despite Bitcoin being up over 100% year-to-date (YTD), a recent report shows that this hasn’t necessarily translated to profits for...

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
The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

December 2, 2023
What Is Polygon Matic: An Explainer

What Is Polygon Matic: An Explainer

December 2, 2023
Do Kwon: What Happened To The Terra Luna Founder?

Do Kwon: What Happened To The Terra Luna Founder?

December 2, 2023
XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move

XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move

December 2, 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

  • The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH December 2, 2023
  • What Is Polygon Matic: An Explainer December 2, 2023
  • Do Kwon: What Happened To The Terra Luna Founder? December 2, 2023
  • XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move December 2, 2023
  • Bitcoin Miner Revenue Sees Massive 6-Month Crash – What’s Going On? December 2, 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)$39,478.001.93%
  • ethereumEthereum(ETH)$2,163.853.71%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.06%
  • binancecoinBNB(BNB)$229.050.33%
  • rippleXRP(XRP)$0.621.43%
  • solanaSolana(SOL)$63.165.25%
  • usd-coinUSDC(USDC)$1.000.14%
  • staked-etherLido Staked Ether(STETH)$2,163.083.72%
  • cardanoCardano(ADA)$0.3963633.41%
  • dogecoinDogecoin(DOGE)$0.0862033.04%
  • tronTRON(TRX)$0.103008-0.14%
  • chainlinkChainlink(LINK)$16.037.33%
  • ToncoinToncoin(TON)$2.442.01%
  • avalanche-2Avalanche(AVAX)$22.241.82%
  • matic-networkPolygon(MATIC)$0.822.91%
  • polkadotPolkadot(DOT)$5.582.28%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$39,455.001.99%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • litecoinLitecoin(LTC)$72.461.39%
  • daiDai(DAI)$1.000.00%
  • shiba-inuShiba Inu(SHIB)$0.0000092.12%
  • uniswapUniswap(UNI)$6.161.95%
  • bitcoin-cashBitcoin Cash(BCH)$227.631.08%
  • leo-tokenLEO Token(LEO)$3.92-1.70%
  • okbOKB(OKB)$58.160.28%
  • stellarStellar(XLM)$0.1212581.43%
  • moneroMonero(XMR)$172.180.52%
  • KaspaKaspa(KAS)$0.138373-1.02%
  • true-usdTrueUSD(TUSD)$1.000.10%
  • cosmosCosmos Hub(ATOM)$9.662.33%
  • ethereum-classicEthereum Classic(ETC)$19.563.24%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • crypto-com-chainCronos(CRO)$0.0930231.46%
  • filecoinFilecoin(FIL)$4.694.29%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • lido-daoLido DAO(LDO)$2.442.63%
  • internet-computerInternet Computer(ICP)$4.832.86%
  • thorchainTHORChain(RUNE)$7.069.26%
  • hedera-hashgraphHedera(HBAR)$0.0624072.86%
  • AptosAptos(APT)$7.354.21%
  • nearNEAR Protocol(NEAR)$2.026.39%
  • immutable-xImmutable(IMX)$1.41-2.41%
  • MantleMantle(MNT)$0.550.45%
  • BittensorBittensor(TAO)$295.21-1.27%
  • vechainVeChain(VET)$0.0229822.58%
  • binance-usdBUSD(BUSD)$1.000.12%
  • optimismOptimism(OP)$1.755.38%
  • injective-protocolInjective(INJ)$18.200.81%
  • aaveAave(AAVE)$103.823.31%
  • quant-networkQuant(QNT)$101.510.91%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • the-graphThe Graph(GRT)$0.1517891.46%
  • ArbitrumArbitrum(ARB)$1.117.10%
  • makerMaker(MKR)$1,533.85-0.52%
  • render-tokenRender(RNDR)$3.560.07%
  • CelestiaCelestia(TIA)$8.9226.53%
  • Rocket Pool ETHRocket Pool ETH(RETH)$2,367.133.63%
  • elrond-erd-2MultiversX(EGLD)$46.341.72%
  • havvenSynthetix Network(SNX)$3.636.33%
  • algorandAlgorand(ALGO)$0.1473486.37%
  • blockstackStacks(STX)$0.782.90%
  • theta-tokenTheta Network(THETA)$1.109.88%
  • flowFlow(FLOW)$0.692.31%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • First Digital USDFirst Digital USD(FDUSD)$1.000.09%
  • bitcoin-cash-svBitcoin SV(BSV)$48.472.38%
  • iotaIOTA(IOTA)$0.31245233.81%
  • fantomFantom(FTM)$0.3248203.26%
  • the-sandboxThe Sandbox(SAND)$0.4300783.67%
  • axie-infinityAxie Infinity(AXS)$6.683.14%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001476.27%
  • decentralandDecentraland(MANA)$0.4585614.81%
  • BitDAOBitDAO(BIT)$0.592.96%
  • neoNEO(NEO)$11.916.55%
  • WEMIXWEMIX(WEMIX)$2.549.13%
  • kavaKava(KAVA)$0.802.41%
  • eosEOS(EOS)$0.701.78%
  • kucoin-sharesKuCoin(KCS)$8.163.09%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$5.44-0.05%
  • tezosTezos(XTZ)$0.873.24%
  • galaGALA(GALA)$0.0266682.70%
  • mina-protocolMina Protocol(MINA)$0.761.28%
  • Bitget TokenBitget Token(BGB)$0.51-3.86%
  • usddUSDD(USDD)$0.99-0.83%
  • illuviumIlluvium(ILV)$114.495.58%
  • ORDIORDI(ORDI)$32.3849.44%
  • xdce-crowd-saleXDC Network(XDC)$0.0485811.34%
  • Pyth NetworkPyth Network(PYTH)$0.45158212.72%
  • fraxFrax(FRAX)$1.000.21%
  • SuiSui(SUI)$0.632.15%
  • Frax EtherFrax Ether(FRXETH)$2,161.923.73%
  • Tokenize XchangeTokenize Xchange(TKX)$7.973.28%
  • klay-tokenKlaytn(KLAY)$0.1927281.58%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • BlurBlur(BLUR)$0.558.93%
  • CheeleeCheelee(CHEEL)$11.441.42%
  • dydxdYdX(ETHDYDX)$3.399.22%
  • apecoinApeCoin(APE)$1.653.10%
  • radixRadix(XRD)$0.0580789.26%