“Tether is an accident waiting to be happened”, tweeted Brandt on Aug. 10 in response to a separate post that analyzed USDT’s market capitalization and the overall cryptocurrency industry market versus the total volume of digital assets. “Tether is just another fiat currency,” he added, placing tether in the same category as national currencies such as the US dollar (USD).
It’s not very clear Whether or not Brandt sees the risk of the asset lies in its fiat currency status or its tumultuous past as a stablecoin. Cointelegraph reached out to Brandt for more details but received no response at the time of going to press. This article will be updated as soon as we receive a response.
Tether has suffered the brunt of many negative comments and claims since its technology was born. Lots of these comments They claim the tether company does not have enough US dollars to justify fixing the token at $ 1.
The company has also faced a number of legal disputes and regulatory investigations over the years. However, the asset continues to thrive with a market capitalization of more than $ 7 billion at press time.