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A comment on Tether Withdrawals Top $10B. Parent comment

Re:Tether Withdrawals Top $10B by TameAntelope on Tuesday May 24, 2022 @01:40PM (#31495168)
My understanding is that while USDT isn't this $1:$1 ratio you describe, other stablecoins are, specifically USDC.

So what you're describing does exist, but isn't what USDT is. IMO the infatuation with USDT has always confused me a bit; why would anyone use USDT over USDC in the first place?

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Re:Tether Withdrawals Top $10B by optimalsolver on Tuesday May 24, 2022 @05:30PM (#31497750)
USDC hasn't been audited either, so how would we know that?
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Re:Tether Withdrawals Top $10B by nl on Tuesday May 24, 2022 @08:07PM (#31499067)
USDC has monthly "attestations" of their assets. This is less than an audit but it isn't nothing: https://www.centre.io/usdc-transparency

I don't think even banks do monthly external audits.

USDT does quarterly external reports: https://tether.to/en/transparency/#reports

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Re:Tether Withdrawals Top $10B by TameAntelope on Tuesday May 24, 2022 @05:36PM (#31497796)
Because they've claimed it and we have no reason not to believe them, unlike USDT which we have many reasons not to believe them.
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Re:Tether Withdrawals Top $10B by lmm on Tuesday May 24, 2022 @07:26PM (#31498741)
If your model is to trust entities until there's a specific reason to distrust them, I've got a billion dollars in USDLMM to sell you. Tether is larger and has been subject to more investigation than their competitors.

(Don't get me wrong, I assume everyone in this space is some combination of fraud, ponzi, and money laundering)

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Re:Tether Withdrawals Top $10B by TameAntelope on Tuesday May 24, 2022 @08:31PM (#31499217)
Tether has not survived those investigations.

My model is the same as your model, you're just making assumptions I'm not.

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