> Now they've been through very significant bear markets, some theft of funds and still are solvent.
How did you determine they are solvent?
Note that even a literal Ponzi scheme could honor withdrawals for a time, so producing $1 for 1 USDT (or even several billion) is not proof.
The only reports I'm aware of are either paid for by Tether (e.g. the latest report from BDO--whom I know nothing about) or from governments (e.g. the NYAG and CFTC reports--which I trust--and show that Tether was, in fact, not telling the truth about reserves).
Solvent usually means being able to pay ALL of your obligation in the LONG term so your claim that they are solvent because they manage to cover SOME obligations in the SHORT term doesn't mean anything.
Where can I find the info on billions that they exchange yearly?
Shows a decline in market cap from $83B in May 2022 to $66B in July 2022. That represents $17B in redemptions over a few months. That represents Tether net paying USD to USDt holders.
How did you determine they are solvent?
Note that even a literal Ponzi scheme could honor withdrawals for a time, so producing $1 for 1 USDT (or even several billion) is not proof.
The only reports I'm aware of are either paid for by Tether (e.g. the latest report from BDO--whom I know nothing about) or from governments (e.g. the NYAG and CFTC reports--which I trust--and show that Tether was, in fact, not telling the truth about reserves).