The Pokemon theory of stablecoins, which I think is approximately correct: https://medium.com/social-capital/tether-part-two-pokedex-november-4-2018-snippets-8f62e01e7772 … ("Explain it like I'm not five?" Speculative mania combined with a credit bubble; going to allocate billions of dollars in cash losses when it winds up.)
Peanut gallery: my ~60% confident belief is that tether can at this exact moment in time find a USD on the books of an affiliated entity backed by a dollar of money-good cash-like things in a bank but that the overwhelming majority of them are not available to depositors.
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that's true; but as long as multiple parties can redeem USDT for dollars it won't depeg too long because of a prisoners dilemma for arbitrageurs
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