“Tether is an accident ready to occur,” Brandt tweeted on Aug. 10, in response to a separate publish taking a look at USDT’s market cap and the overall crypto trade’s market cap in step with total digital asset quantity. “Tether is simply one other fiat foreign money,” he added, placing Tether in the identical class as nationwide currencies, such because the U.S. greenback (USD).
It’s unclear whether or not or not Brandt feels that the asset’s threat lies in its fiat foreign money standing, or its checkered previous as a stablecoin. Cointelegraph reached out to Brandt for added particulars, however acquired no response as of press time. This text might be up to date accordingly ought to a response are available.
Tether has suffered the brunt of many destructive feedback and claims for the reason that expertise’s inception. Many such claims assert the Tether company doesn’t have enough U.S. greenback backing to justify the token’s $1 USD peg.
The corporate has additionally confronted a number of lawsuits and regulatory inquiries through the years, though the asset continues to thrive, holding a market cap of greater than $7 billion at press time.