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by tzone
1980 days ago
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There seem to be quite a lot of misunderstandings in this post. Not sure how familiar author really is with inner workings of crypto markets. First thing first, is Tether sketchy? Yeah, pretty sketchy. But not for the reasons provided in the article. USDT is the most traded asset against other crypto because it is the easiest vehicle to use for all sorts of arbitrage. USDT is available to trade with on every non-US exchange and it is the easiest asset to move around. As overall market size increases, it makes sense that demand for USDT is increasing because it is used in most of the trading/arbitraging/etc... When looking for highest USDT/USD trading volume, it isn't Kraken that you should be looking at, but Curve. Curve is a DEX that does largest amounts of stable coin trading volume. Curve also has incredible liquidity depth. Right now, you can go there and exchange: 10 million USDT to 9.99 million USDC in a single transaction. USDC can be cashed out for USD very easily and is regulated not just by regular US regulators but also NY financial department too, which is the most aggressive regulator to ever exist probably. If you wanted to, you would be able to cash out billions of USDT to other NY regulated stable coins in a single day. While USDT is certainly very sketchy, it is the dominant market player specifically because of its sketchiness (and due to it being the first one). USDT's independence from US regulators is a huge plus for most of the major non-US crypto players. Those players would be more worried about holding USD (or USDC) directly, because they are more worried about US government freezing their funds, rather than Tether going insolvent. |
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It looks like it's possible to freeze an account [1], but I'm wondering how that's done.
[1] https://news.bitcoin.com/centre-obliges-government-request-f...