🧵1/Ω Fun fact: almost no one has tried to redeem #Tether on eth chain since the week of feb. 6th.
This is based not just on actual burns of tokens (there haven't been any) but also on people sending their $USDT to the Tether Treasury or the Bitfinex wallet that redeems Tether.
🧵2/Ω
There have been ZERO redemptions of #Tether (or even attempts at redemptions!) in 6 weeks now.
This is the longest uninterrupted stretch w/ no redemptions for $USD in #Tether's history since The Troubles of 2019/2019 when $USDT mkt cap was a tiny fraction of what it is now
🧵3/Ω
You would think that surely *someone* in their customer base might have tried to make a redemption, especially given all the tempestuous events like the $USDC depeg etc.
But no one has.
🧵4/Ω
But that's not all... $USDT attempted redemptions dropped precipitously (98%!) and mysteriously the week of Feb. 6th.
(an earlier version of this thread said it dropped 100% after the 6th, this is a corrected version)
🧵5/Ω
Which might make you wonder... what else happened the week of Feb. 6th?
Here's a hint:
🧵6/Ω
My data is only about the ethereum chain, AKA the USDT that the now-indicted-for-market-manipulation Justin Sun is not in charge of.
Over on His Excellency's #Tron blockchain the story is different. It *looks like* people are redeeming but are they?
🧵7/Ω
#Tether's sock puppet army / PR team (choose your term) really doesn't like this thread. Even more than they don't like other Tether FUD threads.
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