This, a million times this. Speaking as HN's resident web3 apologist, it's amazing how people keep trying to defend cryptocurrencies based on some anti-finance-system ideology, but throw it all out of the window when it comes to Tether.
Tether is not a bank. Not in the US, not in the Cayman Islands, not anywhere. Everyone holding or trading Tether could be using a test network, and the monetary value of the token should be the same.
Tether is not a bank. Not in the US, not in the Cayman Islands, not anywhere. Everyone holding or trading Tether could be using a test network, and the monetary value of the token should be the same.