Tether is the most popular USD stablecoin with $69bn minted. For users to be able to trust it, they need to know that Tether has $1 worth in reserves for every $1 in Tether they have minted. The problem is, Tether has a horrid track record of stable reserves. Many have called them a scam for years, with a recent Bloomberg piece only adding to that narrative.
Tether’s response to the Bloomberg piece: https://tether.to/tether-responds-to-bloomberg-businessweek-article/
Summary of Bloomberg piece, no paywall: https://www.bloomberg.com/opinion/articles/2021-10-07/matt-levine-s-money-stuff-looking-for-tether-s-money
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