| Again, the volumes there mean nothing for all the reasons I said - it's not about trusted or untrusted. Binance has 17,000,000,000 USDT. [1] It is in their interests to support the peg, even if they have to go to Kraken to do it. And arbitrage bots participate, too. Remember, the most trusted crypto exchange, Coinbase, wash traded 99% of all global Litecoin volume for a few months in 2016/2017. [2] And again, "exchanging" means nothing, because it's not a redemption. And the volume likely means nothing because it's probably just arb trades and wash trades. 95% of all crypto trading volume is fake. [3] Nothing here is regulated. Take everything you see in crypto with a giant lump of salt. Tether is a criminal enterprise [4], the fact that USDT is trading at 1:1 is an indication the market is completely untrustworthy, irrational or both - not that Tether is trustworthy. Be careful out there! [1] https://wallet.tether.to/richlist [2] https://www.cftc.gov/PressRoom/PressReleases/8369-21 [3] https://www.technologyreview.com/2019/03/26/1206/nearly-all-... [4] https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... |
I'm fully aware (and agree with) all your criticisms of Tether, my point is that if I had tens of millions in USDT (as many real people who aren't affiliated with Tether do) I could easily exchange it for USD.