11-19-2021, 11:20 AM
Let's un-Tether.
<!-- SC_OFF --><div class="md"><p>After watching <a href="https://www.youtube.com/watch?v=Jk23kA3yeDY">Coffeezilla's latest Tether video</a>, it has become clear to me that Tether has become untethered from reality and that we must all, as a community, untether from Tether.</p> <p>EDIT: The USDT alternative suggestions in the comment section (BUSD, USDC, DAI, UST, PAX, FRAX...) are far better than the <a href="https://www.makeuseof.com/stablecoin-alternatives-to-tether-usdt/">link</a> I included here (it included Diem. <em>oof</em>)</p> <p>Now, individual action of moving off Tether will help - but it can only scale so far. I think we need to organize this effort as a community - perhaps even creating a subreddit dedicated to the untethering (I thought about creating it already, but decided to make this post instead.)</p> <p>Edit #2: More data so that we don't need to rely on YouTube videos alone - <a href="https://decrypt.co/78041/tether-is-backed-nearly-50-commercial-paper-says-new-report">Tether Is Backed by Nearly 50% Commercial Paper Says New Report - Decrypt</a></p> <blockquote> <p>Tether has released an assurance report that provides a breakdown of the company's consolidated assets. </p> <p>Per the report, Tether has a total backing of $62.7 billion, which is roughly the same as the total market cap for the industry's most popular stablecoin. </p> <p>The minor discrepancy between <a href="https://www.coingecko.com/en/coins/tether">CoinGecko's</a> current figure of $62.8 billion is likely due to the lapse between now and when the latest assurance report was executed. The report was conducted by Moore Cayman, a Cayman Islands-based auditor, on June 30, 2021. </p> <p>Of that total backing, $30.8 billion comes from commercial paper and certificates of deposit. Critically, just 10% of Tether's backing comes from cash and bank deposits.</p> </blockquote> <p>​</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/mousepotatodoesstuff"> /u/mousepotatodoesstuff </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qwq5qb/lets_untether/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qwq5qb/lets_untether/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>After watching <a href="https://www.youtube.com/watch?v=Jk23kA3yeDY">Coffeezilla's latest Tether video</a>, it has become clear to me that Tether has become untethered from reality and that we must all, as a community, untether from Tether.</p> <p>EDIT: The USDT alternative suggestions in the comment section (BUSD, USDC, DAI, UST, PAX, FRAX...) are far better than the <a href="https://www.makeuseof.com/stablecoin-alternatives-to-tether-usdt/">link</a> I included here (it included Diem. <em>oof</em>)</p> <p>Now, individual action of moving off Tether will help - but it can only scale so far. I think we need to organize this effort as a community - perhaps even creating a subreddit dedicated to the untethering (I thought about creating it already, but decided to make this post instead.)</p> <p>Edit #2: More data so that we don't need to rely on YouTube videos alone - <a href="https://decrypt.co/78041/tether-is-backed-nearly-50-commercial-paper-says-new-report">Tether Is Backed by Nearly 50% Commercial Paper Says New Report - Decrypt</a></p> <blockquote> <p>Tether has released an assurance report that provides a breakdown of the company's consolidated assets. </p> <p>Per the report, Tether has a total backing of $62.7 billion, which is roughly the same as the total market cap for the industry's most popular stablecoin. </p> <p>The minor discrepancy between <a href="https://www.coingecko.com/en/coins/tether">CoinGecko's</a> current figure of $62.8 billion is likely due to the lapse between now and when the latest assurance report was executed. The report was conducted by Moore Cayman, a Cayman Islands-based auditor, on June 30, 2021. </p> <p>Of that total backing, $30.8 billion comes from commercial paper and certificates of deposit. Critically, just 10% of Tether's backing comes from cash and bank deposits.</p> </blockquote> <p>​</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/mousepotatodoesstuff"> /u/mousepotatodoesstuff </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qwq5qb/lets_untether/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qwq5qb/lets_untether/">[comments]</a></span>Kind Regards R