Well, partially correct. It was a quality-of-life thing until the banksters realized they could let out more IOUs than gold they had in the vault. From there on

Well, partially correct. It was a quality-of-life thing until the banksters realized they could let out more IOUs than gold they had in the vault. From there on, it would only be a matter of time till the gold-standard becomes abolished, giving governments and banks the ability to print money at will. Tether coins are basically the same thing. You still have to trust the neo-banks to still be holding your actual dollars somewhere in their vault. I don't, that's why I prefer not to buy bogus coins.