Disclaimer: I have and use USDT Today, USDT is accepted on the biggest crypto exchange, Binance. USDC is not USDT is accepted on the biggest US crypto exchanges Coinbase and Kraken Prolly nothing...
It is anything but safe. Tether is the biggest financial fraud the world has ever witnessed. as I predicted, no BDO audit was released.
But isn't it supposed to be backed by t-bills or something that an audit would verify. It's suspicious that they keep putting off the audit!
It's not backed by t-bills. I don't think so. It's pegged 1:1 ratio to the USD and is backed 100% by tether reserves. They publish the value of their reserves in current assets daily. https://tether.to/en/transparency/ It is a little strange that they keep putting off the audit though. They are working on compliance maybe?
it is backed by nothing. They were caught lying multiple time: 1) original promise fully backing 1:1 by USD, they said this for years, then were forced to admit it was a lie 2) they said they are backed by commercial paper, Bloomberg interviewed all major trading desk at every bank, and no one saw them trading even a single one. They would be top 10 holders in the world at 60 billion. anyone can do the math from here.
Well they stated clearly that it's backed 100% by tether reserves. So for me, that means it's backed 100% by tether coins. In other words, the tether is backed 100% by tether. LOL It's pegged 1:1 ratio to USD so I am not sure what would they do if USD all of sudden has an appreciation and the tether coin's market value is less? So what would they do? They would have to use USD to buy tether to push up its value?