>> So if Tether had say, $50-billion in 10-to-30Y treasuries at the start of the year, they only have $45-billion of that now.
This is nuts - they dont and it wouldnt make any sense. You cant have a short term cash-equivalent backed with long-duration bonds. It would be a total asset-liability mismatch.
For reference:
T-bonds mature in 20 or 30 years and offer the highest interest payments bi-annually.
T-notes mature anywhere between two and 10 years, with bi-annual interest payments, but lower yields.
T-bills have the shortest maturity terms—from four weeks to one year.
This (more yield with longer duration) is true most of the time, but sometimes the yield curve inverts. Especially in recent months, the yield curve has flattened quite a bit.
This is nuts - they dont and it wouldnt make any sense. You cant have a short term cash-equivalent backed with long-duration bonds. It would be a total asset-liability mismatch.
For reference:
T-bonds mature in 20 or 30 years and offer the highest interest payments bi-annually.
T-notes mature anywhere between two and 10 years, with bi-annual interest payments, but lower yields.
T-bills have the shortest maturity terms—from four weeks to one year.