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This is half right. Tether would be considered risky in the world that it could not liquidate its assets on par 1:1. In the 11 years+ of Tether’s existence there’s never been a material issue in liquidation of USDT for dollars, despite every government body coming after them.

tether is a "too big too fail" institution in crypto with the one difference that there is no government to bail out tether. if tether fails i pray to the lord i can sell everything the day before tether is held to a way higher standard than anyone else including tradfi. commercial banks are only required to hold 10% in reserves while tether is expected to hold 100% tether is the poster child of crypto as it clearly demonstrates the main use cases of crypto: tax evasion and evasion of capital controls. have you ever wondered why there is so much tether on tron even though you don't know a single person who uses tron? it's the main way for chinese people to circumvent capital controls. same with russians avoiding sanctions i'm not saying it's a bad thing, i personally think it's good, but make no mistake: the success of crypto so far is mainly grey markets like tax and capital control evasions

Tether *is* crypto. It is the entirety of crypto, in a way that nothing else is. Tether makes up everything in this space and is the only *real* liquidity that exists at hyper scale. Analogizing something happening to Tether is like analogizing something happen to JP Morgan Chase. The world wouldn’t exist without the exact same replacement.

Tether will become, at its current rate, the most systematically important financial firm of the next few decades. People took this idea and started slapping it on competitors but this fundamentally won’t work as well. The distribution of tether is the only gambit!

Almost like clockwork we have to get the mob out against Tether again. These people will never learn.

I engaged in one tether fud post and now my entire timeline is low IQ posts on insolvency. Pain.