The problem is that Tether is either worth $1 (Current status quo), or $0 (When everyone loses faith in it.)
It will transition from one to the other at... Some point. And there will, by definition, be a lot of bagholders who have not managed to redeem it in time.
The rest of the ecosystem will not have a soft landing from that. Oh, sure, anyone who bought USDC will be fine, but all the non-pegged coins will be in for a very, very rough ride.
The problem is that Tether is either worth $1 (Current status quo), or $0 (When everyone loses faith in it.)
It will transition from one to the other at... Some point. And there will, by definition, be a lot of bagholders who have not managed to redeem it in time.
The rest of the ecosystem will not have a soft landing from that. Oh, sure, anyone who bought USDC will be fine, but all the non-pegged coins will be in for a very, very rough ride.