Is Tether becoming the cryptocurrency version of a bank? Interesting read from a crypto CEO linked below.

"Fiat-backed stablecoins are therefore rarely actual cryptocurrencies, which causes them to inherit their main characteristics and shortcomings from the centralised banking system. Ultimately, they function in the same manner as fiat, backed by what amounts to an IOU."

https://medium.com/@DDhopn/stablecoins-3b93b4f1ddc5