With JP Morgan’s newest criticism of Tether’s incapacity to adjust to Congress’s stablecoin payments, you might marvel what the fuss is about.
Tether’s stablecoin, USDT, virtually single-handedly holds the crypto market collectively. At $140 billion, with tentacles in all crypto apps and exchanges, it’s an enormous fuss. Something that tanks Tether will tank your complete crypto market.
Critics name it the largest crime scene in monetary historical past, a Ponzi scheme of unfathomable proportions, and the final bastion of terrorists, drug syndicates, and cash launderers.
Sounds fairly shady.
Is it, although?
USDT is a mirror picture of the US greenback. A copycat. An imitation.
It exists as a result of many of the world can’t get “actual” {dollars}, however they will get a digital illustration of the identical.
The specialists say that’s nonsense. The US greenback is price one thing as a result of the US authorities says so.
That authorities has a army to implement its legal guidelines and treaties. Plane carriers, for instance.
Does that army make the US greenback higher than USDT?