Which BTC holders and how? What's the path from onboarding on an exchange website, to eventually getting unbacked USDT? If I put USD onto an exchange, why would the exchange give me more USDT than what I deposited (and if this never happened, then how did the first unbacked USDT come into existence)?
I hold BTC but didn't use USDT in the process, just deposited normal fiat and bought BTC using that.
I hold BTC but didn't use USDT in the process, just deposited normal fiat and bought BTC using that.