Secretary Yellen, We’ve Got a “Staggering” Problem: New Report Shows Foreign Banks Have Secret Derivative Debt that Is “10 Times their Capital”

[professor rat]

Speaking of staggering loads . . . 

Circle claims that each USDC is backed by a dollar held in reserve, or by other “approved investments”, though these are not detailed. The wording on the Circle website changed from the previous “backed by US dollars” to “backed by fully reserved assets” in June 2021.

https://en.wikipedia.org/wiki/USD_Coin

USDC reserves are regularly attested (but not audited) by Grant Thornton, LLP

As of July 2022, Circle states that there are 55 billion USDC in circulation

On October 15, 2021, Tether Limited paid a fine of USD $41.6 million for inaccurately claiming that minted USD₮ were 100% backed by fiat USD, when they were actually 100% backed by a combination of fiat USD and other assets such as “unsecured receivables, commercial papers, funds held by third parties, and other non-fiat assets”

See your 55 - raise you 10!

How many Tether USDT coins are there in circulation?
USDT Price Live Data

The current CoinMarketCap ranking is #3, with a live market cap of $65,504,587,968 USD. It has a circulating supply of 65,496,215,611 USDT coins and the max. supply is not available.

Clap hands if you believe in these two crypto-banks and Fairies

I think the whole FTX contretemps involves about 11 billion - not 55 - not 65.

So whats the rumpus? We’re just warming up - billions is chump-change. WELCOME to the REVOLUTION!

FLOOD the ZONE with FREE-MONEY!