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Peter Ryan @_PeterRyan on x 10.4K followers
Created: 2025-07-25 20:19:17 UTC
38/ University of Texas finance professor John M. Griffin and his doctoral student Amin Shams detailed Tether’s activities in a 2018 paper. For the period of March 1, 2017 to March 31, 2018, Griffin and Shams found plausible evidence to conclude that a few actors printed tethers without real dollar backing to artificially rescue Bitcoin (BTC) when its price fell and stimulate its overall growth. The trading activity was concentrated on Bitfinex with trading patterns not seen on other exchanges.
Griffin and Shams also noted the dubious nature of Tether’s reserves and demonstrated unbacked issuance. So long as no one could tell the difference between a tether token and a real dollar, these unbacked tokens could be traded as if they were real dollars. Think of it as a cheat code in a video game for unlimited gold when every other player must grind quests to get them.
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