Tether Says Stablecoin Is Only Backed 74% by Cash, Securities
It's crazy that they messed this up, Tether is basically a money printing machine, all they had to do was be solvent.<p>Let me start by saying I don't hold Tether nor have I ever, nor do I think it's a good idea.<p>Tether is a fundamentally a risk free money making concept, it works just like gift certificates. The only thing Tether has to do is buy back Tether at any price lower than they sold it for and they make profit.<p>And being able to buy Tether at a lower price is a fundamental market property because of knowledge imbalance. They literally can not fail at making money, the only thing they had to do was not lose their liquidity.<p>They print free money without it even being a scam, even better they are providing a public service, and still they messed it up...