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You don't think USDT holders have been scrambling to exit USDT over the last few days? Actually the sensible ones started cashing out around 1-2 months ago. You
by syzygyhack 4y ago
You don't think USDT holders have been scrambling to exit USDT over the last few days? Actually the sensible ones started cashing out around 1-2 months ago. You say that they have "not been remotely tested?" How are you quantifying that claim?
- arcticbull 4y agoUSDT can only be redeemed by non-US-person "authorized participants" as determined solely by Paolo Ardoino per their terms and conditions. Just who do you think these APs are? Best guess, they're exchanges, whose existence depends on USDT continuing to hold it's peg. Yes, I do think the holders have been scrambling to exist - one guy lost $4M trying to swap for USDT - but I think it's not Tether cashing it out, but instead exchanges eating the losses. That can only get you so far. The failure mode is a step function.