I'd like to know what the community thinks of Tether. Do you think it's fully backed? I'd hate to see a major failure in the crypto space, but if regulatory headwinds or some systematic failure affected Tether, how bad could things get for crypto exchanges and major coins? The outstanding USDT supply is turned over at least once a day in volume.
Tether operates a fee structure which with enough daily volume seems reasonable to generate cash to provide the backing, but the undisclosed time-lag between "issuing" USDT and purchasing the backing seems like it leaves enough room for market manipulation via intraday crypto positions funded by USDT.
The only financial statements that I can find is their daily transparency page which is clearly unaudited. According to their FAQ, USDT cannot be redeemed for USD. The rest of their FAQ seems shallow and like it solely exists to convince you that they are fully backed. Here's their third party attestation (not a full audit) from February.
Tether operates a fee structure which with enough daily volume seems reasonable to generate cash to provide the backing, but the undisclosed time-lag between "issuing" USDT and purchasing the backing seems like it leaves enough room for market manipulation via intraday crypto positions funded by USDT.
The only financial statements that I can find is their daily transparency page which is clearly unaudited. According to their FAQ, USDT cannot be redeemed for USD. The rest of their FAQ seems shallow and like it solely exists to convince you that they are fully backed. Here's their third party attestation (not a full audit) from February.
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