We have repeatedly seen that they're not backed by what they say they are backed by. I don't think anyone is saying that Tether has $0 - that would be stupid, i

We have repeatedly seen that they're not backed by what they say they are backed by. I don't think anyone is saying that Tether has $0 - that would be stupid, if nothing else they've probably got cash "in transit". But if they aren't 100% backed - even if they're 99% backed - that's a BIG problem. You know who gets to give out money-tokens without actually having the money? Banks, and only banks. You know why? Because they're subject to a metric fuckton of regulations that Tether are not subject to, and because (in the US anyway, with limits, blabla) the government guarantees that customers won't lose money if they fail which they do not do with Tether.