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Every article I read about this says something like "Unlike tether, UST wasn’t backed by fiat currency held in a reserve". Which assumes tether is actually bac
by pcj-github 4y ago
Every article I read about this says something like "Unlike tether, UST wasn’t backed by fiat currency held in a reserve".
Which assumes tether is actually backed by enough real value to cover its calls in the case of a selloff, which it absolutely is not.
If I had any money in crypto (I don't), I would get the hell out of tether ASAP.
- wmf 4y agoI think it's worth distinguishing between "they say it's not backed and it's definitely not backed" vs. "they say it's backed but it's probably not". These are different problems.