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They have provided transparency reports with third-party audits: https://tether.to/en/transparency/#reports

There is no evidence that they have been fabricating those numbers.



The difference between what this transparency report provides and what a money market fund provides (cusip level detail on everything it holds) is not evidence it’s fabricating numbers but it’s certainly alarming.

If you had a fund that provided that report instead of their normal reports it would have investors headed for the hills (independent of the regulatory requirements).




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