> I don't think they're playing with the trust of their own stablecoin to get cheap USDT, it'd be better for them to be more trustworthy and have more USD to in

> I don't think they're playing with the trust of their own stablecoin to get cheap USDT, it'd be better for them to be more trustworthy and have more USD to invest in safe investments with low interests, but they're probably losing some market share to more trustworthy (US-based) stablecoins because of how shady they look. I think as of today that is a true statement, because yields on safe investments are now so high. But for the last decade I think it has been quite false. If Tether had only been investing in treasuries and had no other revenue strategy for the past 10 years, their profits would not be nearly as high as if they had pursued the strategy I suggested. And remember, for many years they were literally the only game in town, they had no competition to worry about.