6min chapter

Crypto Critics' Corner cover image

Prime Trust, TrueUSD, and Offshore Finance (Feat. Jonathan Reiter and Patrick Tan)

Crypto Critics' Corner

CHAPTER

The Misuse of Commercial Paper in the Offshore Dollar Market

The New York Attorney General does not have the staff to be able to competently and consistently go through all of the data that they were being given by Tether. I think commercial paper, as with a lot of things in crypto, is a very specific term in finance that most people here don't understand and it's being misused. What these people mean by commercial paper is short term debt issued by some kind of company. When I saw that list of bonds, many of the companies on that list of Bonds have nothing to do with banking. There's parts of Renault and Glencore and General Motors, Auto Financing, whatever. Those, to me, are completely standard borrowers in the

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