Quote from: DanWalker on July 27, 2025, 04:05:17 AM

The GENIUS Act has been passed and will soon take effect. We will soon know whether Tether and other stablecoins are truly transparent and trustworthy. In just a short time, everything will be clear, we should not waste time speculating and accusing them without concrete evidence.

By the way, for those who are Trump fans but still skeptical about USDT. During the GENIUS Act signing ceremony, Tether CEO Paolo Ardoino was also invited to attend and was directly mentioned and thanked by Trump. This alone shows that things are not as simple as we think and the importance of Tether to the US in the coming time.

https://x.com/nic__carter/status/1946287396875653500
https://x.com/paoloardoino/status/1946307158515069334

Let's be honest - Trump had a hard time pronouncing (reading) the name Ardoino.
(I am neither a critic nor a defender of Tether. I strive to understand reality. And at this stage, the role and fate of Tether is not determined.. although I am sure that they will not collapse unless they commit an exit scam or other major crime. In the end, all banks are engaged in laundering criminal money and pay fines for it.)

Quote from: bangjoe on July 27, 2025, 01:57:13 PM

Quote from: viljy on July 27, 2025, 09:03:44 AM

Throughout the existence of USDT, there have been constant accusations that the stablecoin does not have full collateral. Well, what about it? USDT has been, and still is, and will be, despite all the FUD that has been spreading regularly. In fact, the question of fully reserving USDT is even ridiculous if you think about what the dollar is backed by?

If you think about it, it is indeed a bad thing, where the dollar is only based on trust to see its value, with no underlying value behind it, and even the petro dollar, which was the last defense of value measurement, is no longer valid.

So far, is this just FUD or not, because stablecoins have many competitors, so the attacks take many forms, even issues like not being pegged 1:1, which have been around for a long time but there is no evidence to suggest they are violating any rules.

I recognize anti-Western rhetoric in your words. (I’m not accusing you of promoting it — I just want to explain where this rhetoric comes from. As far as I understand, Western people know very little about the USSR/Russia and how much money those countries poured into anti-Western propaganda and the financing of anti-Western regimes. Oh, I see you’re from Indonesia — it happens to be within the sphere of influence of BRICS and China.)

The value of the dollar isn’t based only on trust — it’s backed by the huge U.S. economy, its GDP, global trade dominance, and strong institutions. Don’t fall for the Chinese narrative, my friend — the Communist Party clings to power, hates not only the West but even its own people, and its goal is stagnation, not progress.

Of course, it’s true that the dollar and its role are gradually weakening, but the U.S. economy is still enormous — as is the potential of the country as a system capable of progress and generating profit. In my view, the most honest and genuine motivation is the pursuit of profit, and the United States has built a system that encourages business growth and development.
That’s why talk of the dollar being “unbacked” is, to put it mildly, premature. By the way, the entire Russian elite keeps their money in Europe and the U.S. — their families and children live there, and their real estate is there as well.

Quote from: X-ray on August 01, 2025, 07:00:11 AM

Quote from: Abiky on August 01, 2025, 01:22:50 AM

I remember Circle (USDC issuer) allowing customers to redeem USDC for USD (Fiat) at a 1:1 ratio. Even when the stablecoin lost its peg for a short period of time. That was a few years ago, when several banks collapsed (First Republic Bank, Sillicon Valley Bank, etc). It caused a negative effect on crypto market prices. I can't recall Tether doing the same for its customers.

Anyways, the reason why Tether can't be trusted is because of its shady past. Lack of transparency, lack of regular audits, and constant "money printing" (expanding the circulating supply), are all red flags one must be aware of. USDC takes a more cautious approach. It's also backed by Coinbase. But to each their own. Maybe Tether will last for long? Only time will tell...

Tether just straight opting out of the EU market in that case

No, USDT won’t leave the EU market unless it’s explicitly banned (and it won’t be). However, it will most likely be delisted from centralized exchanges because exchanges will be prohibited from creating trading pairs with stablecoins that don’t comply with MiCA. Still, Europeans are free to trade USDT on Bitfinex and other platforms. As a trader, you’re not being forced to use USDC — it’s simply being offered with extra reliability guarantees.

Quote from: X-ray on August 01, 2025, 07:00:11 AM

but the thing that still makes me wonder is why USDT pair got so much volume and liquidity while USDC left behind.

it just happened that way historically

Quote from: X-ray on August 01, 2025, 07:00:11 AM

I always find it annoying having to convert to USDT first before making a trade.

You are creating double pain for yourself: additional fees + more complicated tax reporting.

Quote from: free-bit.co.in on August 01, 2025, 09:48:18 AM

Tether is registered in the UK

Actually, Tether is not registered in the UK; it’s registered in the British Virgin Islands.

Quote from: Abiky on August 04, 2025, 08:11:03 PM

Quote from: tygeade on August 02, 2025, 03:53:23 AM

While that is true, and you are 100% right, that doesn't make them a legit company. I am sure that we are going to end up with how things change, and that is the most important part. We need to see how this is quite good, and this will not be that weird, we just need to see how things can change.

Tether is still a horrible company that can crash at any given moment, even one big legal trouble with USA and they are gone. So do not assume this would be decent, it's as bad as it gets. We need to see both USDC and USDT as dangerous stuff, and can't really see this as a way to move forward. We need to get rid of stablecoins, and figure out something else instead of them, it would be a lot better, we shouldn't trust some companies with our money.

With Trump being a huge backer of stablecoins, I don't think Tether will have any problems during the remainder of his second-term. Everything will be "reds and roses". Even Binance will be lucky. It might as well as "relaunch" its BUSD stablecoin, now that the GENIUS act was signed into law by the President. Money talks, so it's likely Tether will use its money to manipulate regulators for its own benefit. I mean, what company doesn't?

Binance has essentially relaunched BUSD under the name FDUSD. Of course, I can’t prove this since technically and legally they are separate projects, but the situation strongly suggests this with a good degree of confidence.