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https://www.coindesk.com/policy/2023/06/16/tethers-banking-relationships-commercial-paper-exposure-detailed-in-newly-released-legal-documents/ Seems ok?
tl;dr - seems as though Tether is more or less backed satisfactorily at banking institutions in… cough … Bahamas, Bahamas, China, China, China, China, China, China, China (x7), and Qatar.
I suppose their money’s as good as anyone’s. Seems ok.
Even better than in USA and EU, where their $$$ could (and would) be frozen by yet another political play.
Theter is part of our decentralized system. You need something purely on-chain, like RAI or LUSD, but you also need something big and liquid with actual backing. And here you have two way street - USA based with more transparency, but much of regulatory risks, or USA - independent, which means its gonna by shady and located in places with little USA influences.
I like the fact that we have so many options. Its harder to kill.
Also, Theter FUD is quarterly event in crypto.