I am having real trouble understanding why Tether still exists. We know it is not backed in the way they claim it to be. There are other stablecoins
I think it is backed in exactly the way they claim it to be? They claim it is commercial paper and loans to crypto firms and deposits and treasuries and like, precious metals and other digital tokens. What do you think they actually hold?
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I agree there are better, more transparent stablecoins, but there is a big first mover advantage. And a lot of tether users simply do not care what is backing it.
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Well ideally things without credit risk.
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Probably is ‘backed’ like that but without ‘ mark to market’ of those assets is surely the problem
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The just got fined for exactly not thathttps://twitter.com/CryptoWhale/status/1449044343118045189?t=XKN1vsK8UpETnJmybJDr0w&s=19 …
BREAKING: CFTC regulators have ordered#Tether
and Bitfinex to pay a $42.5 million civil monetary fine after making misleading statements claiming USDT was fully backed one-to-one by U.S dollars. pic.twitter.com/cCYfekeYQO -
It’s a crime syndicate anywayhttps://twitter.com/BennettTomlin/status/1375901383904346115 …
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Uhm, they claimed it to be backed 1-on-1 by dollar deposits. Which is, coincidently, the only proper way to back a stable coin. Otherwise you are just buying into a non-stable coin that caps all of your upside
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