I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.
I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.
My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?
Thanks in advance for more experienced folks for sharing their insight!
Hi all,
I've been closely following the discussions here about trust in Tether and I'd like to share some thoughts as well. Personally, I find USDT a useful tool in the crypto ecosystem, especially when it comes to trading and avoiding the volatility of other cryptocurrencies. The fact that it is one of the most liquid and affordable stablecoins adds to its undeniable value.
However, I cannot overlook the question marks surrounding the transparency and reserves backing USDT. In the past, the lack of clear independent audits has been a point of concern for me and many others.
We have noticed that Tether has started to take steps to increase transparency and regulatory compliance, which is a step in the right direction. But from my perspective, there is still a lot to do to build solid trust.
In conclusion, using USDT comes with benefits as well as risks. If you decide to use it, make sure you are fully aware of both aspects. I personally use it with caution and prefer to only use it as a bridge between transactions, and not as a long-term store of value.
Attached is a fundamental analysis of Theter.
https://coin-score.ai/cryptoprojects/fundamental-analysis-of-the-tether-usdt-cryptocurrency