if USDT is redeemed where are the burn hashes like other stablecoins do, also missing an audit where you can flex that you have the funds and not seashells as collateral.
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Made several tweets about that phenomenon... Can't explain it either why the market cap, in contrast to many other stablecoins, keeps just growing and growing for usdt
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USDC - Inception was late does an audit,proves they have funds.
USDT - Holds funds in a deltec bank account cant perform an audit because ?
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Exactly. Furthermore, you pay a premium for usdt over usd. Why would I do that while knowing that usdt is not fully backed and that there are riskless and safe alternatives?
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There's a huge east/west divide here
in the US most people are like "LoL just buy USDC bro"
in China, most people are like "dude we've used USDT, we trust it, and it has huge secondary market (exchange) liquidity so we can get in/out without wires"
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Thank you for replying Sam. Are there any sources or is this a hypothetical explanation?
Because by looking at usdt inflows there're on the one hand no real Asian currency inflows and on the other hand the major buying exchanges are no Asian ones. So I can't follow this argument
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So this isn't general inflows into Asian FX; if anything it's the opposite: flight _to_ crypto, and to some extent USDT.
Most of USDT is held on the 3 biggest Asian exchanges: Binance, Huobi, and OKEx.
and almost all of their spot volume is USDT.
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Maybe i was unclear: i was referring to Asian currency inflows into usdt (or crypto)- the data shows basically just inflows of USD, EUR & TRY. For sure, the usdt coins are there (that's what I see on the Blockchain)
If Asians fly into usdt there needs to be an inflow
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aaah makes sense
so there is also CNY; change currency to CNY at the top:
c2c.huobi.com/en-us/trade/bu
But volume numbers aren't super public
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yess- now we talk about the same.
but there's my point: there can't be a broad popular mass inflow of CNY into USDT, since CNY volume is mostly just OTC (= mostly institutions or HNWI)
a reason could be the higher privacy.
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heh so OTC means something different in China than in the US
*all* fiat is OTC in China for regulatory reasons
volume isn't public but I'd ballpark ~$5m-$50m of inflows per day from Huobi/OKEx/Binance CNY OTC
and it's mostly just individuals transferring on wechat pay