With JP Morgan’s newest criticism of Tether’s incapability to adjust to Congress’s stablecoin payments, you might marvel what the fuss is about.
Tether’s stablecoin, USDT, nearly single-handedly holds the crypto market collectively. At $140 billion, with tentacles in all crypto apps and exchanges, it’s a giant fuss. Something that tanks Tether will tank the whole crypto market.
Critics name it the largest crime scene in monetary historical past, a Ponzi scheme of unfathomable proportions, and the final bastion of terrorists, drug syndicates, and cash launderers.
Sounds fairly shady.
Is it, although?
USDT is a mirror picture of the US greenback. A copycat. An imitation.
It exists as a result of a lot of the world can’t get “actual” {dollars}, however they will get a digital illustration of the identical.
The specialists say that’s nonsense. The US greenback is value one thing as a result of the US authorities says so.
That authorities has a navy to implement its legal guidelines and treaties. Plane carriers, for instance.
Does that navy make the US greenback higher than USDT?
