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Please provide one reason to believe that USDT is actually 1-for-1 backed by USD. Because they say so? Tether is the crypto version of a wildcat bank. It's tot

Please provide one reason to believe that USDT is actually 1-for-1 backed by USD. Because they say so? Tether is the crypto version of a wildcat bank. It's totally unaudited, it's owned and operated by a former plastic surgeon and others with limited experience in finance, and it's been heavily fined by the state of New York for its shenanigans. It's only a matter of time before they implode like 3AC, Celsius, FTX, Signature, etc. etc.

jujube3 3y ago
Tether's business is very profitable right now because they don't have to pay interest. They can park all the money people hand to them in exchange for tether in T-bills and earn 5%. Meanwhile the people holding the tether get nothing. Basically, they are a bank that pays no interest on deposits.