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Matt Levine has an article on Tether and how tether is the perfect business except for them loaning crypto to customers. https://www.bloomberg.com/opinion/arti

• skizm 3y ago
  It is great as long as they are actually sticking to short dated US t-bills. They've just been super sketchy about if they are or are not in the past. Personally I think they're fine. The absolute worst case there's a run and depositors only get back like 75 cents on the dollar. Which is way better than most places that people park crypto.
  • schemescape 3y ago
    My amateur theory is that Tether could have imploded for most of its existence, but now there’s a real chance that they have been (or will be) able to bluff their way to solvency. But I’m probably wrong…
  • loeg 3y ago
    The worst case is zero cents on the dollar.
• loeg 3y ago
  > the perfect business except for them loaning crypto to customers Well, and assuming they have any significant fraction of the assets they claim to have.