Share this page!

Gabor Gurbacs Profile picture
Twitter logo
Mar 11 • 4 tweets • 2 min read
I am old enough to remember when Coinbase was pushing to switch USDT to USDC.
Uncle Gabor nailed it. #USDT
$3.3 Billion out of $40 Billion (~8%) circle reserves tied up at SVB.
Tether demonstrated conservative and superior risk management during difficult market cycles over the past years allowing Tether to inspire confidence and grow leadership in Emerging Markets countries. I hope more people come to appreciate this given events in the past few days.

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Gabor Gurbacs

Gabor Gurbacs Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @gaborgurbacs

Gabor Gurbacs Profile picture
Mar 10
There is more than $22 Trillion in the U.S. banking system. The FDIC has $124.5 Billion on its balance sheet and a $100 Billion line of credit from the U.S. Treasury. FDIC assets cover only 1.26% of deposits. About the size of Silicon Valley Bank. One bank. Let that sink in.
Of course, the FDIC doesn’t cover anything above $250k… so basically no businesses. It’s practically worthless. People trust banks more than what they should. Tier 1 leverage ratios (tier 1 capital/consolidated assets) show just how much more leveraged banks are vs stablecoins.
Silicon Valley Bank had $209 billion in assets and over $175 billion in deposits. They couldn’t redeem $42 billion. Just to illustrate my earlier point on leverage ratios, duration mismatch and the fact that banks don’t have people’s cash. Most banks only have ~15% tier1 capital.
Read 4 tweets
Gabor Gurbacs Profile picture
Feb 9
1) Tether's Year-end 2022 Tether Independent Accountant report is in: Tether reveals $700m Profits For Q4/2022. Commercial paper exposure eliminated, secured loans reduced, assets exceed liabilities.

Blog:
tether.to/en/tether-cont…

Transparency report: tether.to/es/transparenc…
2) The reserve portfolio composition is primarily short term U.S. t-bills, cash, cash equivalents and other short term market instruments. U.S. T-bill maturity is under 60 days, reverse repos are rated A-2 or better and MM funds are highly liquid. Some precious metals held.
3) Financials as of 12/31/2022:
+ Assets exceed liabilities.
+ Consolidated total assets amount to at least US$ 67,044,148,175.
+ Consolidated total liabilities amount to US$ 66,083,530,757,
+ "At least" is the key word. My guess: Tether reserves are likely over-collateralized.
Read 7 tweets
Gabor Gurbacs Profile picture
Sep 15, 2022
SEC chair says system used by Ethereum following software update could trigger securities laws. Literally published on day 1 of the fork/merge. I have been saying this for over 6 years that POW to POS transitions can draw regulatory attention.
wsj.com/articles/ether…
To be clear, I am not saying that ETH is necessarily a security because of its proof model, but regulators do talk about staking in the context of dividends which if one feature of what securities laws call a "common enterprise". There are other factors in the Howey test too.
I believe that more discourse is necessary among regulators in the U.S. (SEC, CFTC, OCC) and market participants to determine and build a fair, objective and sustainable framework for token categorization and market structure that's necessary to operate businesses in the space.
Read 5 tweets
Gabor Gurbacs Profile picture
Jul 9, 2022
Sri Lanka protestors storm the presidential palace in the capital after the country’s economy collapses due to energy crisis. A moment for the history books and a sight to behold.

Protestors broke through the Sri Lanka central bank gates.
Sri Lanka’s president fleeing the capital on a military ship.
Read 4 tweets
Gabor Gurbacs Profile picture
Jul 7, 2022
1) Proud of @PointsVilleApp for offering 5% cash-back from 100+ iconic brands (CVS, Nike, Adidas, Autozone, Wayfair, etc...). This helps our users save at a difficult time and supercharges our partners' businesses working with the largest and most recognized industry giants. Image
2) As a @PointsVilleApp partner, you can create and give-away Visa cards that is spendable anywhere that accepts a Visa. The card earns 5% back from 100+ big brands (see above). Cash just goes back onto your card after spending with our partners. Super simple. (T&C applies) Image
3) As a @PointsVilleApp partner, you can attach rewards to educational videos to help people learn about projects, companies and topics. Learn to Earn! 🧠🤑 Excited to add more learn to earn opportunities. Image
Read 6 tweets
Gabor Gurbacs Profile picture
Jun 3, 2021
1) We are excited to announce VanEck’s @MVISIndices
partner with @FTX_Official on a first of its kind perpetual futures listed on FTX. We bridge traditional finance and digital assets via institutional quality access products. @JanvanEck3 @SBF_Alameda PR: mvis-indices.com/news/index-lic… Image
2) The perpetuals fututues track the MVIS CC DA 10 and MVIS CC DA 25 indices which are modified market cap-weighted indices that track the performance of the 10 and 25 largest & most liquid digital assets. To ensure investability the indices undergo rigorous liquidity screenings.
3) The MVIS CryptoCompare Digital Assets 10 Index (ticker: MVDA10) and MVIS CryptoCompare Digital Assets 25 Index (ticker: MVDA25) are calculated in US Dollars as a price index & are reviewed monthly. Capping factors are applied to avoid overweighting of single index components.
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(