Thanks for sharing. Very insightful. I’m trying to understand something after reading. On the exchange piece, I’m trying to think though what the concern would be at places like Bittrex, where they offer USDT pairs, but do not offer any leverage products. I would have thought that with leverage / lending you can be exposed to the classic capital (write offs) and liquidity (bank run) style risks. But if they’re not doing that, where would the risk be for the exchange? Unless the concern is somehow they are secretly taking their own or client funds and buying Tethers with them?

Global Macro

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