Will Tether (USDT) be "unpegged" in 2022?
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Tether (USDT) is a so-called "stablecoin", i.e., a cryptocurrency which is (supposed to be) backed by actual currency so that its value is pegged to the US Dollar. Tether has long been suspected to not actually hold the reserves necessary to back all existing USDT. A bounty of $1 million [1] for anyone who provides information on Tether's backing has so far bot been claimed. On the other hand, Tether is very useful for trading cryptocurrencies, and many in the business probably do not care about whether it is actually backed, as long as it serves its purpose.
This market resolves YES if the value of one USDT is less than 0.9 US Dollars for more than one (consecutive) week of the year 2022 (as reported by [2]).
[1] https://hindenburgresearch.com/tether/
[2] https://coinmarketcap.com/currencies/tether/
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Alameda had a large Tether holding: https://cointelegraph.com/news/two-firms-account-for-the-majority-of-tether-received-report
Interesting patio11 thread https://twitter.com/patio11/status/1593432880004202496
I'd not be surprised if there were new documents surfacing in the next period during the clean up process stating a bunch of the Tether Alameda bought was paid for by FTT tokens.
@Gigacasting That's not an audit, that's an attestation. Same thing they always did, inlcuding the times where they were later found to be lying about their assets. I don't see how this changes the evaluation.
@Gigacasting Very surprised you say that, there's a bunch of evidence stating the opposite:
- https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/
- No audits: https://cointelegraph.com/news/tether-promises-an-audit-in-months-as-paxos-claims-usdt-is-not-a-real-stablecoin