in

There are reports that Tether may have a sizeable exposure to a falling giant “Evergrande”, which is the largest property developer in China.

Cryptopolitan

Tether had released an unaudited report that they hold nearly 50B$ worth of commercial papers. Now there are reports that they might have a sizeable exposure to commercial papers issued by evergrande, which is the largest property developer in China.

Evergrande is in a deep debt crisis and owes close to 350B$ to banks, contractors, suppliers, etc. It’s share price has plunged close to 80% since June. Evergrande’s rating haa been downgraded to CC- which is like below junk bonds. So as you can imagine this poses a significant risk to Tether and crypto market. Infact a total collapse of evagrande could bring a Lehman brother like situation in Asia and could spread like Covid to other markets across the world.

Ref: https://asiamarkets.com/china-evergrande-subprime-on-steroids-the-greatest-threat-to-markets/

View Reddit by bs_is_everywhereView Source

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

20 Comments

What do you think?

GMCoin Swap Sale Round 1 closed with 100% success, Next Round Starting on 23rd Aug

GMCoin Swap Sale Round 1 closed with 100% success, Next Round Starting on 23rd Aug ⋆ ZyCrypto

Bitcoin celebrates a return to $50k

Bitcoin celebrates a return to $50k