Proof that few if any dollars back ANY stablecoin – they’re all Tether.

I’ve gone through‘s data regarding crypto’s money flows. Meaning, the trading volume between many pairs on may exchanges.

In this case, i’ve gone out of my way to highlight Dollar flows. Specifically, Dollar flows into and out of Tether and other stablecoin, notably BUSD and USDC – supposedly audited.

Tracking the trading between crypto and fiat, this turns out to be patently false. If there was organic trading between dollars and stablecoin, there ought to be alot of outflows, considering Tether is the gateway to pretty much every crypto at this point. With a $928 billion marketcap across the crypto space, there should be atleast billions of flow in dollars, especially with a circulationg supply of 24,7+ Billion USDT.

We find that there is almost none. The entire trading volume between USD and USDT is no more then $20 million. EVERYTHING ELSE is Tether, perceived to have the same value as a dollar.

This includes all other stablecoins. The same applies: If there was organic trading, there ought to be Dollar inflows. But that isn’t the case: Even in the supposedly audited USDC’s case, the Majority of inflows into the currency are Tethers.

I made this collage as an answer to a question i have had myself for a long time:

So far we’ve all been focusing on the change that involves the loan to Bitfinex. But… My question has been for a long time:

“What do they mean by Cash “Equivalents”?

I mean. Wording means alot. “Which include traditional currency AND cash equivalents”.

Why not “Which includes cash, cash equivalents and, from time to time….”?

Could it be that they count OTHER stablecoin as “Cash Equivalents”?

This gave me the thought that Tether might’ve been backed by Tether – but i don’t think they’ve gone that far. Instead, i think it’s a conspiracy. Not a theory, a legitimate conspiracy. Cartels in business exist too, just check the EU’s anti-trust fine history if you want to find them, in all locales.

Coinbase is the entrypoint. Because they only deal in dollars, they deal in trust. Their stablecoin is audited by a supposed reputable Top 5 acocunting agency (Google “Granton & Thornton scandals”). Because people trust coinbase, they’ll put their money into bitcoin on coinbase.

Their latest transparency report still hasn’t been posted as of the 23rd of January, while all other reports are signed between the 12th and 16th, with 17th and 18th days being outlyers – except for November 23rd 2020 for the October report:

Their last report from November says: “US Dollars held in custody accounts = $3,004,921,958” – and i find it notable this is pretty close to the reserves Tether claimed to have audited a few years ago. Also those where the USDC reserves as of November 30th. Their October 31st holdings: $2,973,954,847.

I wonder why their report of December is late?

Oh wait no i don’t. They don’t have that much. All those inflows are Tether:

Right-click > View Image for the full size format. It’s quite large due to the amount of data contained. Unavoidable i’m afraid, because separation of data, and people unable to connect it in their head, is the reason this has been able to go on for so long. Complexity offers secrecy. So an overview in one picture that tracks and highlights USD flows (into Tether mainly) offers clarity.

BUSD same thing. HUSD same thing.


Coinbase is the entry gate. Kraken is the side-door to make sure people can still “travel” in and out of the crypto space; The main objective is to keep the majority of the people inside of the Hotel California. Only when they go for the exits in large enough numbers does the scam collapse.

Huobi handles the Asian market. Binance increases demand for Tether and other stablecoin by offering *insane* gains…. Which always materialize because Bitfinex can just print Tethers and hand them over to Binance. There have been many Whale Alerts on Twitter that show as much.

The final piece of evidence for this is the fact that Coinlib shows USD flows between Tether and USD:

But Tether shows NO flows between It and USD:

Once you’ve eliminated the impossible, whatever’s left, however improbable must be the truth:

There is no USD-USDT trading on Kraken going on. There is no link. People trading USDT-USD on Kraken are trading against Kraken’s personal account filled with Tether or USD. Like Bernie Madoff, who never made a single trade in his trading account during the entire scheme; It could very well be that Kraken has never made a single Tether-USD transaction in their entire existence.

While i can’t say anything about Bittrex or smaller exchanges… The big ones: Binance, Bitfinex, Kraken, Huobi and Coinbase are ALL guilty of both the largest Ponzi scheme, and the largest Dollar Counterfeiting scheme in history.



For more on USDC’s bad auditing i’ve gone deeper into it here: