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My understanding is that while USDT isn't this $1:$1 ratio you describe, other stablecoins are, specifically USDC. So what you're describing does exist, but is
by TameAntelope 4y ago
My understanding is that while USDT isn't this $1:$1 ratio you describe, other stablecoins are, specifically USDC.
So what you're describing does exist, but isn't what USDT is. IMO the infatuation with USDT has always confused me a bit; why would anyone use USDT over USDC in the first place?
- optimalsolver 4y agoUSDC hasn't been audited either, so how would we know that?
- TameAntelope 4y agoBecause they've claimed it and we have no reason not to believe them, unlike USDT which we have many reasons not to believe them.
- lmm 4y agoIf your model is to trust entities until there's a specific reason to distrust them, I've got a billion dollars in USDLMM to sell you. Tether is larger and has been subject to more investigation than their competitors. (Don't get me wrong, I assume everyone in this space is some combination of fraud, ponzi, and money laundering)
- TameAntelope 4y agoTether has not survived those investigations. My model is the same as your model, you're just making assumptions I'm not.
- nl 4y agoUSDC has monthly "attestations" of their assets. This is less than an audit but it isn't nothing: https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency I don't think even banks do monthly external audits. USDT does quarterly external reports: https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports