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> so anything that keeps the industry aloft is great by them. Bingo. Tether being less than 100% backed isn't a surprise. Heck, they've admitted it publicly
by 35fbe7d3d5b9 6y ago
> so anything that keeps the industry aloft is great by them.
Bingo. Tether being less than 100% backed isn't a surprise. Heck, they've admitted it publicly for over a year now - this is, however, the first time we've seen how big the gap truly is.
But the peg is still holding, which means that
1) the market had already priced in the risk of USDT being 14% rather than 100% backed, or
2) the market for USD:USDT is not rational.