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> Tether is 60B in a crypto market of $1-2+T, and there's plenty of other stablecoins to replace it. That’s not how this works. Tether represents the vast majo
by qeternity 5y ago
> Tether is 60B in a crypto market of $1-2+T, and there's plenty of other stablecoins to replace it.
That’s not how this works. Tether represents the vast majority of trading volume. If it turns out that it’s worthless, it will be catastrophic.
Also you’re conflating market cap with hard assets. Apple is a $2T company but if you tried to sell $60B of AAPL in a short period of time, it would collapse.
- paulgb 5y agoCase in point, Archegos was a $10B hedge fund but $194B of market cap loss was attributed to their collapse https://www.bloomberg.com/news/articles/2021-04-09/rattled-archegos-stocks-investable-again-after-194-billion-blow https://www.bloomberg.com/news/articles/2021-04-09/rattled-a...
- asah 5y agoStand corrected: https://coinmarketcap.com/ https://coinmarketcap.com/ "The total crypto market volume over the last 24 hours is $85.97B, which makes a 6.53% decrease. The total volume in DeFi is currently $5.78B, 6.73% of the total crypto market 24-hour volume. The volume of all stable coins is now $69.59B, which is 80.95% of the total crypto market 24-hour volume." The other large stablecoins are trading <$2B/day vs tether, so indeed you're correct. As for Apple, sure it would slam the market temporarily, but why wouldn't it quickly recover?