Price of popular stablecoin Terra collapses – IT Pro – News

“at Tether the dollar. There is a USD in reserve for every USDT, so it can never unpeg.”

This same Tether right? https://www.theverge.com/…ully%20backed%20by%20cash.

That same tether that writes this:

The biggest question right now — which has been in play for a moment — is what’s backing Tether. In 2014, it was originally called Realcoin, and the idea was that it would be backed by the US dollar on a one-to-one basis. For some time, the website read: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.”

In February 2019, this text changed to: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, ‘reserves’).”

And now this has as text on https://tether.to/en/transparency/:

“All Tether tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether’s reserves.
The value of our reserves is published daily and updated at least once per day.”

So no, not every USDT is backed by an actual USD.

But I am just a simple crypto critic who thinks all crypto is a pyramid game in which, for example, vague banks in the Bahamas (see above article) play vague roles. Values ​​and the way something is backed up suddenly changes and is still dependent on other coins.

Or even more fun, where big crypto exchanges like Kraken boast with a banking license, and if you then delve into what that banking license represents, they have actually just thrown some money into a certain US state (https://bpi.com/beware-the-kraken/)

But sure, I don’t get it all.

[Reactie gewijzigd door vdtweak op 12 mei 2022 10:09]

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