{"id":5541,"date":"2020-06-26T19:25:37","date_gmt":"2020-06-26T19:25:37","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5541"},"modified":"2020-07-02T14:15:26","modified_gmt":"2020-07-02T14:15:26","slug":"wheres-my-money-wirecard-tether-and-stablecoins","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/26\/wheres-my-money-wirecard-tether-and-stablecoins\/","title":{"rendered":"Where\u2019s my money? Wirecard and tether"},"content":{"rendered":"

When you place money on deposit you expect to get it back.<\/p>\n

Many people say that\u2019s the original concept of banking: you pass your funds across a desk into safe hands, they give you a receipt, and those funds are not supposed to be given out to someone else<\/a>, even if the other person promises to return them and to pay you for the use of your money in the meantime.<\/p>\n

In fact, that\u2019s not how banking has worked for a long time, and banks do lend out their deposits\u2014many multiples of them.<\/p>\n

Wirecard is primarily a story about unbacked stablecoins<\/p><\/blockquote>\n

But the idea of a so-called \u2018fully reserved\u2019 bank has never gone away. It’s enjoyed renewed popularity since the 2008 financial crisis. And it underlies many current concepts in money: stablecoins<\/a>, for example.<\/p>\n

When you buy a stablecoin you want it to be backed 100 percent by something else of value. If the issuer of the stablecoin disappears, no problem. You turn up to the (virtual) vault where your funds are stored and get them back.<\/p>\n

This week\u2019s dramatic insolvency of German payment firm Wirecard<\/a> is primarily a story about $1.9bn in missing funds\u2014unbacked stablecoins, as it were.<\/p>\n

Wirecard told others it had those funds in reserve. It even got its auditor, EY, to vouch for that promise<\/a>, but the money\u00a0turned out not to be there.<\/p>\n

In itself, this is probably the biggest accounting scandal since the former top 5 auditor Arthur Andersen was felled by Enron<\/a> in 2001.<\/p>\n

Wirecard’s collapse also threatens to have knock-on effects on other fintech businesses, with client funds at several other pre-paid card businesses, both in the UK<\/a> and the US<\/a>, temporarily frozen. The affected card providers had all used a Wirecard subsidiary to handle their own payments.<\/p>\n

But in the details of the corporate failure there\u2019s also an uncanny echo of another recent stablecoin saga\u2014tether<\/a>.<\/p>\n

Both stories involve money supposedly lost at third-party payment processors, specialist intermediaries that have grown hand-in-hand with the dizzying rise of internet commerce.<\/p>\n

Financial Times reporter Dan McCrum provided evidence last year<\/a> that much of the business reported by Wirecard\u2019s network of third-party processors had simply been invented.<\/p>\n

Wirecard sued the FT over its report, accusing the publication of working hand-in-hand with short sellers and causing the FT to incur heavy legal bills.<\/p>\n

\u201cWhat Wirecard appears to have convinced its auditors [EY] was going on,\u201d McCrum said earlier today<\/a>, \u201cwas that it was sending lots of payments processing to these businesses [third-party payment processors in Dubai, the Philippines and Singapore], and then those processors were doing it for Wirecard, and paying [Wirecard] a nice big commission.\u201d<\/p>\n

By contrast with Wirecard, tether didn\u2019t have public investors to impress, just a decentralised network of cryptocurrency users.<\/p>\n

But tether\u2019s owner (crypto exchange Bitfinex) lost money in 2018 in exactly the same way as Wirecard has apparently done now: $900m of cash passed through payment processors simply disappeared.<\/p>\n

The lost reserves caused the stablecoin\u2019s asset backing to fall from a 100 percent ratio to just 74 percent.<\/p>\n

Tether operates on five different cryptocurrency blockchains and is run by British Virgin Islands shell companies<\/p><\/blockquote>\n

But unlike Wirecard, tether hasn\u2019t disappeared, despite the allegations of missing funds. Strangely enough, the opposite has occurred: instead of losing investor confidence, the cryptocurrency has grown fourfold in market size since the rumours of lost money first surfaced.<\/p>\n

Noone knows for sure how much cash is missing\u2014tether has never undergone a full audit. Its supporters say tether\u2019s recent asset growth is testament to the digital currency\u2019s utility as a black market dollar.<\/p>\n

By comparison with the existing financial system, transactions in tether settle quickly, allowing counterparties around the world to exchange tether tokens at close to their target $1 value.<\/p>\n

\u201cTether is disrupting the legacy financial system by offering a more modern approach to money,\u201d Bitfinex says.<\/p>\n

Unsurprisingly, law enforcement bodies have found it easier to target a centralised entity like Wirecard\u2014the German firm is now bust<\/a> and its ex-CEO has been put under house arrest<\/a>\u2014than tether, which operates on five different cryptocurrency blockchains and is run through British Virgin Islands shell companies.<\/p>\n

Tether has so far faced down the civil lawsuits it faces from the New York State Prosecutor<\/a> and disgruntled US investors.<\/p>\n

New, trusted stablecoins are likely to appear<\/p><\/blockquote>\n

As money goes wholly digital and businesses, governments, cypherpunks<\/a> and algorithms<\/a> all get into minting their own asset-backed currencies, the safety of investors\u2019 cash looks set to remain a hot topic.<\/p>\n

Frauds will likely recur, funds will go astray again and working out which structure is safe is not going to be easy. But new, trusted stablecoins are likely to appear, and they may well prosper.<\/p>\n

\u201cFull reserve banking is up for grabs\u201d, says financial historian Simon Lelieveldt<\/a>, citing the example of the Bank of Amsterdam, which managed to run for over 100 years after its creation in 1609 as a pure deposit institution, not lending out its clients\u2019 gold and silver on any significant scale.<\/p>\n

Perils lie ahead for would-be stablecoin issuers<\/p><\/blockquote>\n

The Bank for International Settlements (BIS), the main policymaker for the legacy financial infrastructure, is already thinking in terms of the parallels between old banking models and new digital stablecoins.<\/p>\n

A forthcoming BIS paper, co-authored by researchers Jon Frost, Hyun Song Shin and Peter Wierts, will look at the lessons from the rise and fall of the Bank of Amsterdam.<\/p>\n

\"\"<\/p>\n

From a forthcoming BIS working paper, \u201cFrom stablecoin to proto-central bank: lessons from the rise and fall of the Bank of Amsterdam\u201d<\/em><\/p>\n

Perils lie ahead for would-be stablecoin issuers. As more and more issuers launch digital currencies and with the rising threat of negative interest rates<\/a>, it will be harder than ever to resist the temptation to recycle depositors\u2019 money into loans to earn some extra return.<\/p>\n

For those who do, the BIS\u2019s stablecoin chart offers a history lesson: a hundred years from its founding, the Bank of Amsterdam did a tether, as it were: it departed from its promise of backing its proto-stablecoin with safe and liquid reserves.<\/p>\n

Instead, it started to make loans to the Dutch East India Company, perhaps the most powerful corporation in the world at the time. Some of these loans went wrong and within a few decades the Bank of Amsterdam was bust.<\/p>\n

These days, as the Wirecard implosion has shown us, events unfold a lot faster.<\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When you place money on deposit you expect to get it back. Many people say that\u2019s the original concept of banking: you pass your funds across a desk into safe […]<\/p>\n","protected":false},"author":3,"featured_media":5540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1012,1053,1026,1014,1011],"tags":[1786,1419,1420,1785],"class_list":{"0":"post-5541","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-featured-1","9":"category-latest-slider","10":"category-payment","11":"category-value","12":"tag-bank-of-amsterdam","13":"tag-bitfinex","14":"tag-tether","15":"tag-wirecard"},"yoast_head":"\nWhere\u2019s my money? 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