Probably mostly bitcoin, tbh, perhaps with a bit of hedging, and effectively bitfinex fee revenue too. It was a leveraged bet on crypto that paid off huge. It crypto collapsed their business wouldn't be worth much anyway whether or not they kept the peg, so they YOLOd it and won.
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True, But last Bullrun 2018 was the MC around 2,8 Billion and drops to 2 Billion year after.
At this time we are at 82 Billion and it doesn't stop rising. Tether printed in 3 month close to 60 Billion USDT.
I mean they won for sure for $$$.
But somebody hold that token now under the promise its worth x.
if trading activity decline, they have 2 choices. print more to keep the party on or the peg will bust,
Because so they only need new capital flow in for trading bitcoin/ other stuff and can arbitrage it.
Every Tether starts with Tether is a very interesting concept. There are no user funds.
Tether release and sell and after that user can hold.
Tether doesn't allow deposits. So we cant just simply send fiat for Tether.