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@ Lee
2025-05-24 12:28:09
An unanswered question from the article is where Tether stores their UST now. Most probably realize that treasuries can't just be put in your pocket or stored in a sock drawer. Typically, they're custodied at a financial institution. And financial institutions that custody treasuries are "inside " the US financial system and subject to hard power and soft influence of the USG.
On some level, it seems to me that Andrino's resistance to MiCA is also a bet against the European vision of digital assets in favor of the American view.
(Side note: the article also did not mention Tether's bitcoin holdings which, as the USD price of bitcoin increases, would likely make it the dominant asset on Tether's books (ceteris paribus). What UST/BTC reserves ratio does Andrino have to maintain to stay in the good graces (or at least not on the target list) of the USG, specifically the Department of the Treasury? Unknown.
In any case, for now he might take a lesson from Pavel Durov's extended vacation in Paris and avoid the continent for a while, too. This will be interesting to watch play out as the price runs for sure.)