Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

I have 20 years experience in credit and global macro both sell side (banking and trading) and buy side. Most recently managed multi asset and fixed income strategies. Crypto is my latest focus given huge inefficiencies and lack of quality research and insight. My crypto research will be through a trad-fi lens but with intimate knowledge in the crypto trading ecosystem.

Crypto

<ul>
<li>USDT or Tether, the largest stablecoin, has been experiencing small discounts to peg at times (larger discount during market stress) but those looking for a blow up will be disappointed.</li>
<li>Tether's redemption dynamics are the main cause of the discount. Recent withdrawals in Tether and drop in market capitalization are the result of liquidations in the crypto space.</li>
<li>While Tether's reserves are not transparent, the Company is not regulated and is under no obligation to disclose their balance sheet/ reserves in full. </li>
</ul>


USDT or Tether, the largest stablecoin, has been experiencing small discounts to peg at times (larger discount during market stress) but those looking for a blow up will be disappointed.
Tether's redemption dynamics are the main cause of the discount. Recent withdrawals in Tether and drop in market capitalization are the result of liquidations in the crypto space.
While Tether's reserves are not transparent, the Company is not regulated and is under no obligation to disclose their balance sheet/ reserves in full. 


Tether

Tether (USDT) - Not the Next Domino