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
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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?
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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And I think that's the point. And as I was saying somewhere here, the fact that it does still exist probably indicates it could survive a break of the dollar peg
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