Tether has long since refused to release any concrete of proof of reserve and even when they were heavily pressured to only admitted to a lack thereof (74% in 2019 and that 74% isn't even fiat-only).
Tether is nothing but bad for the crypto-space as when it eventually DOES collapse a lot of people are going to find themselves holding something, USDT, which isn't as backed as they thought it was. Would you give me a dollar right now if I gave you back 74 cents?
The only sensible stable crypto asset is DAI from the MakerDAO which has been battle tested and proven under the worst possible scenarios (2017/2018 bullmarket crash) where it still held it's peg.
I don't know how this extends to USDC etc but for USDT I wouldn't touch it with a 20 foot pole.
In 2019 Tether was proven to be only 74% backed by fiat and fiat-equivalent assets: https://www.coindesk.com/tether-lawyer-confirms-stablecoin-7... This means it's not 74 literal cents per USDT but some proportion of a liquid asset and fiat.
Tether has long since refused to release any concrete of proof of reserve and even when they were heavily pressured to only admitted to a lack thereof (74% in 2019 and that 74% isn't even fiat-only).
Tether is nothing but bad for the crypto-space as when it eventually DOES collapse a lot of people are going to find themselves holding something, USDT, which isn't as backed as they thought it was. Would you give me a dollar right now if I gave you back 74 cents?
The only sensible stable crypto asset is DAI from the MakerDAO which has been battle tested and proven under the worst possible scenarios (2017/2018 bullmarket crash) where it still held it's peg.
I don't know how this extends to USDC etc but for USDT I wouldn't touch it with a 20 foot pole.