Not like the banks. Those are carefully scrutinized by large well funded regulators and auditors and subject to complex legal requirements developed over decades.
To be fair tether hasn't actually lost billions of dollars yet, whereas banks absolutely have. Overall though I don't feel inclined to trust most stable coins. The cryptography protects your virtual currency but the governance is what protects the assets backing them, and the governance looks weak.
To be fair tether hasn't actually lost billions of dollars yet, whereas banks absolutely have. Overall though I don't feel inclined to trust most stable coins. The cryptography protects your virtual currency but the governance is what protects the assets backing them, and the governance looks weak.