Has everyone heard a showdown around USDT? At the moment, Binance is buying bitcoin for tether to secure its funds.
USDT holders (at binance and elsewhere) are probably buying bitcoin to secure their funds. that's why USDT is trading at a higher price than the rest of the market.
i don't think binance holds much (if any) USDT in its reserves. there's no reason for them to take on that risk. they just hold USDT on behalf of customers. so if USDT goes to $0, binance won't lose anything.
it seems to be the same person who owns both. But this does not matter much because there are already many alternatives to tether
indeed, i've been trading USDC on binance lately and the books have thickened up a lot---more than enough liquidity for my purposes. this is great because binance is one of the few places where i can trade without KYC, and USDC feels 100000x safer than tether.