Been a while since I dug in to Tether but the CEO of Cantor Fitzgerald commented on CNBC today which piqued my interest and sent me down rabbit holes again.
Still impossible to get to the bottom of what they’re doing, and how.
Bitcoiners on Xitter seem to think it’s all above board, what say the #Bitcoiners of #Nostr ?
(You can listen to the pod here from about 33:30 - https://www.cnbc.com/2023/12/11/money-movers-podcast.html) 
Imo there's nothing peculiar about USDT except for the fact that they are directly financing Uncle Sam's addictions. If rates continue higher for whatever reason, Tether will start having unrealized losses on all those billions of USTs, eseentially like the situation US banks find themselves in now.
If they held USD this wouldn't be an issue, but they would also have no yield on their reserves. They have been returning decent profits this year and have been buying Bitcoin with it iirc.
