🧵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.
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
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.
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)
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:
Which might make you wonder... what else happened the week of Feb. 6th?
Here's a hint:
https://twitter.com/Cryptadamist/status/1648415042407202818
🧵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?
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?
https://twitter.com/DataFinnovation/status/1651834775399964672
🧵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.
#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.
https://twitter.com/Cryptadamist/status/1651423379319058435
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