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($).
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?
USDT is famous for printing money out of thin air. There's no way prove immediately all the red flags unless the law force them to submit a mandatory financial audit for every token they are printing. But they will not cheat blatantly considering how famous there token already and the amount of profit they are getting by just minting it. Imagine you are the owner of this stablecoin and you know that your product is the number one in the whole crypto market, Do you think you will destroy a long term profit in exchange to a quick bucks that full of risk from authority?