4 ms·
They may well be 100% collateralized in bad collateral. Same for USDC really, except the collateral is not as bad.
by incrudible 4y ago
They may well be 100% collateralized in bad collateral. Same for USDC really, except the collateral is not as bad.
- LawTalkingGuy 4y ago100% of $0. Tether is entirely a scam by intentional criminals and not a single dollar is in a vault. They say they're 1:1 backed but have committed obvious financial fraud around this. There's no benefit to them to be even 95% backed, it's 100% or jail, so why would they bother? This is how they maintain the peg perfectly - it's all fake. They "redeem" their friend's Tether with their personal funds but they won't even try if there's a run.
- incrudible 4y ago> it's 100% or jail Says who?