I mean you're not wrong. Tether is effectively operating as a weird kind of bank and is susceptible to the same failure modes if people go on a bank run. You ju

I mean you're not wrong. Tether is effectively operating as a weird kind of bank and is susceptible to the same failure modes if people go on a bank run. You just don't get to run to the FDIC if it happens. USDT does have some nice properties compared to a bank account like being able to mint accounts at will, no deposit or transfer limits, no KYC, faster settlement than wire transfers, can send internationally with little fanfare. I'm sure there's someone who is pumped about this but I'm not sure if the market is large enough to support the size they've grown to.