Chinese Securities Once Backed the World's Largest Stablecoin USDT: Bloomberg
New York’s Attorney General shed light on Tether’s holdings In October 2021, a Bloomberg investigation uncovered evidence suggesting that Tether’s reserves included billions of dollars in short-term loans to Chinese companies and a substantial loan to the crypto platform Celsius Network. At the time, Tether denied any exposure to the debt of the crisis-hit China Evergrande Group but remained silent on its holdings of other Chinese securities. advertisement According to the disclosed documents, Tether had holdings of securities issued by prominent state-owned Chinese companies, such as Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., and Agricultural Bank of China Ltd. The maturity dates of these securities range from 2020 to 2021. Additionally, Tether’s holdings included securities issued by companies like Deutsche Bank AG, Barclays Bank Plc, and ArcelorMittal SA. Tether’s banking relationships were outl...