Comment by haebom

This article was written because I suddenly remembered a story I wrote in 2018 to someone working in Singapore. As I also mentioned in the writing, it has a strong conspiratorial nature. However, I personally have such doubts. Currency should fundamentally be exchangeable, but currently Tether and Circle exchange these for dollars and purchase relatively safe short-term government bonds from the US or China, making this arrangement seem natural. However, if they were to face a situation like a bank run or become unable to pay out $1, I think the analogy of a “water faucet” wouldn’t necessarily be incorrect.