Look, Tether might be a scam in the sense that they don't actually have the backing assets they claim but that doesn't invalidate the rest of the market or the trades done with them any more than your bank having <10% cash on hand of customer deposits.
They are absolutely running afoul of banking regulations but that's not exactly catastrophic for the whole market. Unless there's a bank run the only thing Tether actually needs to do is keep the trading value of their coin near $1.
They are absolutely running afoul of banking regulations but that's not exactly catastrophic for the whole market. Unless there's a bank run the only thing Tether actually needs to do is keep the trading value of their coin near $1.