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.
It's undeniable that there have been suspicions surrounding Tether for years. People doubt whether Tether's reserve of USD is sufficient to back the amount of USDT they have issued. However, it's crucial to note that Tether is currently the largest stablecoin by market capitalization.
If something were to happen to Tether, I believe the market would plunge into a prolonged crisis, and if there were any issues with Tether, I think they would have surfaced long ago. The recent reports about their reserve and the profits they've generated also provide some reassurance.
My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?
In terms of trustworthiness, I rate USDC higher than USDT because Circle, a significant player on Wall Street, backs USDC. I believe that in the next cycle, USDC will grow stronger than it is now and capture more market share from USDT.