⚠️ I stopped maintaining this website in 2021, but it stays online as an archive. You can find my current writing at hasu.blog. If you want to dig into the old articles or podcast transcripts — have fun!

Tether’s hold on Bitcoin’s liquidity: A risk assessment

In this piece, we demonstrate how several recent reports about Bitcoin’s exposure to Tether have been grossly exaggerated. We then assess how exposed to both solvency and liquidity risks is Tether. We finally conclude that Bitcoin should be robust to Tether-related shocks.