The Tether Ponzi Scheme
> tether likely never had a dollar in a bank account for each USDT, at any point, ever<p>Why does this really matter? As a user of USDT the only thing that matters is that the people in the market amicably agree to trade it at around 1 USD, which they seem to be doing.<p>Being "backed" by something is a concept of a bygone century that doesn't really apply to the Gen Z economy. What is USD backed by anyway?