The hedge fund Fir Tree Capital Management's investors claim it has developed a method to short the stablecoin tether. USDT
has been relatively stable for many years, Fir Tree is betting its short wager could win in around 12 months.backed by high-yield commercial paper. The hedge fund thinks that much of that exposure is associated with China’s real estate businesses. Bloomberg’s Katherine Burton mentions that China’s real estate economy has been in dire straits, as the real estate giant Evergrande Group is in the midst of being restructured by the government.
“While Tether has said it doesn’t own Evergrande paper, Fir Tree expects that some of the paper it does own will lose value, causing a potentially large drop in the reserves it holds, the investors said,” Burton writes in her report about Fir Tree’s stablecoin short idea.
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