[SilasX]

You can also look at how closely it maintains the peg, and whether it’s at a premium as much as it’s at a discount. (By which Tether does poorly.)

It’s misleading to look at the market cap with the implication that it’s fluctuations are due to loss of value per unit (the usual cause for non-stablecoins).

You might as well say that your bank lost $500 when you made a $500 withdrawal (while neglecting to mention the deletion of $500 in liabilities).