If only Tether and similar could show something, anything, an audit, that shows anything close to this.
I almost typed audit-like. But I remembered they've pulled that shit before. "Attestations of balances" mean fuck-all when even back when they were denying the links between Bitfinex and Tether, the same people were countersigning loans between the two for both parties.
Oh, they did claim that they had had an audit done. But they couldn't release it to the public "because it was in Mandarin".
I very very very much doubt that 11-12% cash is in anyone's hand.
> If only Tether and similar could show something, anything, an audit, that shows anything close to this.
Tether isn't the only stablecoin. USDC, GUSD, DAI, LUSD, etc all have either attestations / audit reports (that are actually legitimate) or are overcollateralized with assets that can be seen on chain.
Not that unreasonable. The total number of crypto traders globally is estimated at between 300M [1][2] (note: close to the population of the U.S.) $150B is an average of $500/user held as stablecoins, which doesn't seem that far off.
