With the United States about to pass strict regulation regarding stablecoins, which includes a measure to insure "Robust transparency, audit and reporting requirements," Tether is absolutely doomed, as they have consistently refused to confirm a 1:1 peg to the USD through an independent, third-party audit, which in my book, is because they're not doing it.
Something is fishy with Tether, and I would not be surprised if it has not maintained the 1:1 peg as it has claimed, but will soon be exposed as a fraud, and a ponzi scheme designed to benefit its owners at the expense of the general public.
On April 9th, Senator Kirsten Gillibrand (D-N.Y.) announced that:
"This legislation develops two paths for stablecoin issuers.
1- The first path would be for depository institutions that would allow for both federal and state bank charter depository institutions to become stablecoin issuers after an approval process.
2- The other path would be for nondepository institutions that would give the federal government supervisory authority over the state nonbank institutions while preserving states as the primary functional regulator."
This spells the end for Tether, and certain doom for any company whose business model relies upon it, such as: Exchanges, OTC desks, Trading Platforms and Wallets, Remittance Services and DEFI Platforms.
You were warned! Don't get caught holding the bag!
Something is fishy with Tether, and I would not be surprised if it has not maintained the 1:1 peg as it has claimed, but will soon be exposed as a fraud, and a ponzi scheme designed to benefit its owners at the expense of the general public.
On April 9th, Senator Kirsten Gillibrand (D-N.Y.) announced that:
"This legislation develops two paths for stablecoin issuers.
1- The first path would be for depository institutions that would allow for both federal and state bank charter depository institutions to become stablecoin issuers after an approval process.
2- The other path would be for nondepository institutions that would give the federal government supervisory authority over the state nonbank institutions while preserving states as the primary functional regulator."
This spells the end for Tether, and certain doom for any company whose business model relies upon it, such as: Exchanges, OTC desks, Trading Platforms and Wallets, Remittance Services and DEFI Platforms.
You were warned! Don't get caught holding the bag!