Nearly all trading volume occurs in Tether, compared to dollars or other stablecoins. Tether by their own admission says that they're only 74% backed by "cash a

Nearly all trading volume occurs in Tether, compared to dollars or other stablecoins. Tether by their own admission says that they're only 74% backed by "cash and cash equivalents." https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities https://www.bloomberg.com/news/articles/2019-04-30/tether-sa... I'm assuming that "cash equivalents" refers to Bitcoin and other cryptocurrency that would crater the market if actually sold for fiat. Not to mention this was before nearly two billion tethers were dropped on the market. I have a hard time believing that institutional investors sent billions of dollars to an unregulated and unaudited institution that used this guy to move around its money: https://www.bloomberg.com/news/articles/2019-05-03/ex-nfl-owner-is-said-to-have-ties-to-850-million-crypto-mystery https://www.bloomberg.com/news/articles/2019-05-03/ex-nfl-ow... When Tether/Bitfinex blow up (either by indictment or by finally just running out of greater fools' money), so will the rest of the cryptocurrency market, particularly Tether-based exchanges like Binance. Mt Gox will look tiny by comparison.