Earlier quoted context omitted.
Do they actually exchange them for money or are they just creating them? There has never been a reputable audit of Tether.
Tether's 'market cap' is like 60 billion or whatever, I think most of that was just created out of thin air, but I think some of it was exchanged for real dollars, like a few percent, maybe a couple of billion dollars. In which case, when the fraud comes crashing down, they will have stolen hundreds of millions, to maybe a couple of billion dollars. Imagine if somebody stole a piece of art worth hundreds of millions…
But then again, everyone knows that if Tether blows up, every single crypto entity collapses. If Tether had a hole of a few billion, other entities might have stepped in.
Will they do so again? Hard to tell.
Regardless, Tether is a ticking time bomb.
It would be a fantastic business if they did indeed have all that money. 70B in depsoits. Even in safe short-term t-bills, that's a crap load of risk-free interest income for basically doing nothing.