[mrcggl]

Apparently the size of Tether seems huge, 34 B$ of dollar-denominate liabilities, but Binance, the largest exchange, has most fiat customer deposits in USDT. Moreover, in the last year futures trading has moved from Bitcoin margined to USDT margined and it is very profitable. So I wouldn’t be surprised if large funds are trading those future markets and they require USDT.

But offcourse it could still be insolvent if they issued too much or simply made insolvent if the assets (t-bills, cd) backing the issuances are frozen from US authorities. Just assume that as a known risk and plan accordingly

[kanwisher]

Pretty sure Binance is now BUSD for all deposits, their own USD token

[ur-whale]

>BUSD for all deposits, their own USD token

Which, goes without saying, is fully backed by USD reserves and properly audited ?

[PeterisP]

Kind of, see the monthly attestations at https://www.paxos.com/attestations/ . It's significantly better than USDT, but IMHO not fully at a level where you can say "properly audited" without any caveats.

[dustymcp]

Atleast until the inevatible hack

[ur-whale]

>Atleast until the inevatible hack

LOL, yeah, I always forget about this one.

This, btw, is also something that makes crypto "different": the exchange can always pretend it wasn't a scam and blame it on a hack.