This is a question i had for a long time,ive seen majority of traders buy and trade crypto through USDT,they just blindly trust it ,as its purpose is that of a stable coin ,i.e. basically a crypto replacement for USD($).
Im still trusting USDT and i have been using this for a few years. I have different opinion about that. Sometimes it has a bad and good side. I know that just because tether has ability to frozen the fund and it was not meant if it's a scam.
But what if the company behind USDT decides to cheat its holders,is there any way we can find out before a complete disaster? (for e.g. they start minting more coins unnecessarily)
is there any safety mechanism or a red flag indicator before its too late?
[/quote]That's a non sense think and why don't you think if all of stable coins have the same possibilities to become another scam project? Any projects have the same possibilities. There's no way to find that and that's a big difficult. The only best thing if you're feeling doubt with it and don't use it. I think this is the best way to avoid it.