Topic: usdt tether market cap grows from 4,6 billions to 10,800 billions from March (Read 736 times)

Tether is not printed for free. It is a very normal situation for it to increase since March. It means that there is an inflow of money into the market. Bitcoin price has increased correspondingly. The real problem will begin when these tetheres are withdrawn from the market. Then we can see a drop.

from what I have often encountered in cryptocurrency when a coin has a very large supply it will provide a very high risk, one of the risks is that it can make the price collapse due to price inflation, so in my opinion if it has a limited supply it is not an important problem.

USDT literally told people it didn't backed 1 to 1 for a period, they at least didn't lied which is at least an improvement, we really need places like them which does screw up time to time but at least no lie about it neither. Now when you are a company that sold 10 billion dollars worth of anything and have 10 billion dollars backing something, you are not actually just putting it in a savings account and letting it be.

You use that money, you think insurance companies take your money and wait until you get sick? They have some in liquid assets they can get out very easily, even some cash, but most of their money is in investment as well. Which is why I think it is quite important that we realize Tether could make that money back very quickly whenever they lose it.

The growth that happened with the stable coin and its mcap is not so transparent to the public and that will be a big question. Just take a look at how USDC was printing more and more money everyday.
How is it possible for the USDC to get a lot of money everyday?

That looks so crazy and in my opinion, if that could become a manipulation that has already made.
That looks suspicious.

USDT is being traded a lot, I checked the volume and it’s more than BTC and ETH, so it has really been increasing. We were discussing this last week about how USDT has been increasing it’s market cap, and some people believed that it might soon overtake Ethereum with the way things are going. And whether tether is really backed completely by the USD is what I can’t tell, but from what I have read on Forbes it’s not 100% backed by USD.

I think they already dropped a clue on their website that shows that USDT is not fully a USD backed cryptocurrency (stablecoin). But there are other stablecoins that are really backed by the USD, just like PAX? But USDT seems to be more popular than the other ones because it came before them, so it’s leading the way.

I don't think so, that was already a huge amount It is around 10.8 billion USDT was minted valued at ($10.8Billion) in circulation, correct me if I am wrong, and the USDT token is keep growing in numbers and without fiat back up Its nothing but empty so I believe that each USDT token was not really backed by fiat (US$) to make it a Stablecoin, In the process, it makes USDT more complicated and might be subjected to government intervention or scrutiny that's why it's considered risky.

why do you like it? you find it easier to send payments with USDT? but, when i look at transaction fees on Ethereum network, it is not that good option, do you use USDT on different platforms for payments, maybe TRX?
i find it risky to put much money in USDT, since there is no proof that USDT is covered with collateral, especially since there is a lot of new tokens minted, and we cannot see that there are new collateral to support this minting

i am not saying that i avoid USDT, but i do not find it that convenient and secure

The problem is where can we see the asset that has already used to backed the stable coin? In fact the tether treasury is also printing more and more money anytime. I remember tether was printing multi million dollars and this could happen a few times in a month.
I know that this is normal but sometimes it looks so shady to see that happened.
The mcap of tether is also growing so fast. It's a logic and non logical process.

USDT is really amazing. Who doesn't like high cryptocurrency market risk, USDT is best for their. Now USDTs market cap is $15,759,333,913
and 24 hours Volume $47,876,932,368, Its really good. Personally, I like to hold USDT for sending payment.

The only reason why Tether is still growing is that, it is stable and taking the volatility of the crypto space into account then you will see the reason why it keeps growing. I see it this way, the more crypto projects increases, the more people trade and since volatility still abounds, keeping funds in USDT seems to be better or trading against USDT is better. Even nowadays most projects lists against USDT unlike before it was majorly BTC or ETH.
Therefore, so far people continue seeing the need to use USDT be it in trading or keeping against volatility, USDT market cap will continue growing. As for what it is backed with, we can only believe what the team say because USDT is centralized and controlled by the team.

I think many people use stablecoins like USDT for trading because indeed a stable and easy to use exchange is stable coin, usually the pair used is USDT/BTC or USDT/ETH and others, whereas if you use other coins for trading capital, for example BTC/ETH or BTC/XRP will have a double risk because when both coin prices fall it will suffer a lot of losses.

What we should really realize is the fact that as long as there is attention and demand for it, it could reach 100 billion or 1 trillion, there is realistically nothing that can stop it. What needs to be done to print more usdt? There needs to be more request of USDT from tether, so if everyone gets together and sends another 1 billion to tether, they will print another 1 billion usdt.

So, as long as people keep sending money to them, why should they stop printing usdt? If we are not really comfortable with one company having over 10 billion dollars in cash because they printed something "fake" as usdt and allow us to trade usd without really having any usd legally, we just need to stop sending them our money and start withdrawing money from them instead so that they could not have all our money.

So many people are using their stablecoin although it might looks shady for some people here but in my opinion it's kinda borderline makes sense if they could grow that fast but honestly it's better to see they got re-audited somehow and being more transparent. However if there's something shady going on I'm sure the community will figure it out hopefully. But, honestly sometime I wonder if they partnership with some of the banks out there really add credibility and reliabilty because it just doesnt sit right in my mind.

To the best of my understanding, tether does not need to have the exact amount fiat needed to back up all the issued crypto. It only needs sufficient amount to keep the system running. I don't think every person who holds fiat would require them immediately. It's almost synonymous to the banks who tends to hold a whole lot of customers deposit, but they only need enough cash to keep customers satisfied and invest some of customers deposit in zero or low risk venture, they even give out loans to other customers but always ensure that they keep the needed fund that may be required by customers.

The stability of USDT is maintained due to the trust of participants in the cryptocurrency market. Just as the stability of the Fiat dollar is ensured by trust in it. If the Tether Limited campaign runs into problems and their activities are checked by regulators, it can cause a USDT dump and bring down the entire cryptocurrency market.

Now the USDT market cap has increased to $15.7 billion. Given the volatility of Bitcoin and the other altcoins, it will continue to increase. But I don't think that this is sustainable. Tether is not doing any independent third party audit of its assets and there is a very real chance that the Tether team is misusing the backup funds for their own benefit (which they are already accused of).

Tether will be the good project.And traders using tether to backup their currency,when the market is get into downtrend.Even when the price reached a maximum high,traders convert their bitcoin or ethereum into tusd.The reason behind this one is ,the price of tether will not get into major chage as like bitcoin and Ethereum.

They don't claim USDT to be backed by USD only anymore.

According to Finex, USDT could be backed by anything. Including real estate, stocks, gold and wait for it... Bitcoin. (or other crypto)

Meaning, they can print USDT and buy Bitcoin to back their own USDT.

INFINITE MONEY!

Look at the whole industry market cap. Its the normal and logical process

People are asking if they are truly backed by US$ because they claimed to be pegged at US$. So they need to keep their word about the assets backing their supply. Up until now, I have some sort of hesitation if they are absolutely giving the right figures here. As only last year, they admitted that at one point they are not truly backed by the amount of assets that they should be having. So right now, we don't know how true they are keeping to their words.

usdt is indeed useful and they dont questioned it but people are more concerned if the coin is really backed by the amount that it market cap achieved . i feel yes because money can be printed easily  . usdt is a virtual currency just like btc and other cryptos but why people dont ask the same to btc  and other cryptos where cryptos aside from tether are mostly not backed by anything but still they fully trust it .

for now , cryptos are now getting stable compare to before so the demand for stable coins are also gettting stable and not that high

Traders use USDT to fix their profit. And despite the fact that in addition to usdt, there are more than ten different stable coins on the market, it is the most popular, because it is represented on all exchanges. There is another option to trade in Fiat currencies, but these pairs have very little liquidity.

if people get out of btc - why price ob btc began grow from March 2020, just after drop of price?

Don't you think Tether has already passed so many audit systems? With 15.13 billion USD tether already gained 3rd place from the whole crypto market. As OP's post in two months tether gained 5 billion USD in two months. After this incredible supply, I still believe tether over 95 percent. We have to trust a stable coin where we have a total of 6-7 options but all are out of top altcoins.

I think tether will doing fine because they already being long at the market for now and im sure they can backed up the fiat money with what token they created and by what  they announce the audit are already has being done and there will be no issues for the print anymore.

It's clearly stated by tether if it's not all of the tokens have backed 1:1 with the fiat money. I think that you should read the announcement that has already created by tether in the past and from that news and we can expect tether didn't have the enough fiat money to back up all of the funds.

I think that you should visit tether's site to get the more report about the issuance asset on the market.
Audit has already done before.

I think the USDT market cap grows drastically, which is normal, especially when the price of Bitcoin drops as it is today.
Because stablecoins are very safe to avoid the volatile price of Bitcoin, so many investors convert their Bitcoin and altcoins
into USDT to save their capital from decreasing. Many investors also buy USDT to save their money so that when the crypto
price comes in the right time to buy Bitcoin and altcoins, they can immediately convert USDT they have to buy Bitcoin and
some potential top altcoins in cheap prices.

Does it mean that the existence of stable coin is growing much better as guessed? So far, many against the stable coin because it is like no cryptocurrency. But along this way. stable coin is chosen to be the one as the basic trading pair in most exchanges.  Moroever about USDT Tether, this is the most trusted even many do not agree with the existence of this.

Another big deal about this is the fact that they said they now have 1 to 1 ratio once again, I am not sure how much we should believe them considering they are a company based on Bahamas because they want to be away from the law of USA and that means they must be doing something wrong for sure, but they were honest enough to say that it dropped under 75% for a while and they didn't had to do that, they told the truth during that period and now they said they are back to 1 to 1 ratio once more.

Now if we were to believe everything they say, we went from having about 4 billion backing on a 5 billion thing to suddenly over 10 billion backed for over 10 billion which is a lot of money in the crypto world right now and means a lot to the market itself during trading.

well tether has mentioned about audit in their website but man that's honestly kinda unbelievable that tether market cap could grow that significantly and faster.
the fact that tether actually partner with some banks out there make it sounds reliable but public still need a lot more transparency than just that.
If tether could prove their grow as legit I think it will be better for their business and reputation.

They have been avoiding audit all this while. According some articles I read, tether is not fully backed by the usd reserve on Bank, just like 70%.
Thr real question is, what will happen when the Federal reserve want full auditing of USDT?
Will that affect the price?
I sometimes brainstorm how individuals or institutions mint 300 million of Usdt sometimes, thats risky.

I am concerned about this issue, whether the banks have enough money to guarantee the amount that tether has printed in the past. Increasing the capitalization for tether from $ 10.6 billion to $ 15 billion in 4 months is a snap. Need an audit for the tether.

at binance -
1)
from September 1st, to September 17th
was sold about 60 000 more btc than bought btc

60 000 btc now cost about 600 mln usd

at the same time - from September 1st, to September 17th
was issued about 1, 700 mln of usdt


i dont check difference of (sold - bought) btc  at other exchanges,


2) from September 5th, to September 17th
was sold about 30 000 more btc than bought btc
and at this period price of btc go up

so at this period people sold more than buy, but price go up (i think by limit orders - keeping price while market orders move price up)

I guess they have adding more USDT coin into the circulation, this is because many defi projects growing and using stable coins such USDT.
Whether USDT really backed by fiat or no, i think many people in crypto already trust USDT and using it, and also many defi projects using it as well.
If you feel doubt in USDT, there are other stable coins such DAI, etc. available to be used.

This is what I don't get with increase in the marketcap of Tether, people believed that it was used to pumped BTC and the number has increased to $14 billion and the price of Bitcoin has been relatively steady but most of the Altcoins has made significant gains this year, something to ponder about

Bingo.


You can't stay away from tether when tether is behind every crypto currency there is.

Rather stay away from Tether, who knows how many real dollars they have in banks? Maybe they are creating USDT tokens that are note backed by dollars from the air, just like banks and FED do it. Then it would mean a huge problem for all USDT holders.

Fair enough I get your point about people wanting to exit crypto and into dollars( tether in this case since it's relatively easier) at a time of volatility due the pandemic.



Just think about exactly it is that you have said here people have sold their crypto into tether but there wasn't enough tether to go around. ( the natural thing to happen  in this case would have been for the peg to be broken I.e 1 tether would be worth more than 1 dollar)

 However what you have said implies that more tether has been consequently printed to meet their demand. However instead of being bought by real dollars this has been bought and therefore backed using BTC or some other crypto.

Since no new dollars have actually gone into the system this would then again play into the argument that tether is not backed by dollars but collatrialized by bitcoin or other cryptocurrencies which would be truly alarming.

This of course assumes that the exchanges on which BTC has been traded for tether have not sent the corresponding real dollars to the tether corporation. ( And I really don't think even the big exchanges combined have 6-8 billion  in liquid dollars lying around  to send to tether )

The reason why it grew soooo much was the pandemic. During the early days of pandemic people wanted to get out of crypto and they still didn't wanted to take all their cash out to their bank accounts, that wasn't something ideal for them, so what they ended up doing was move their money from crypto to usdt which made it a bit more difficult because there wasn't enough usdt, there was only 4.6 billion and honestly crypto market is so much bigger, they were a bit late but not too late and increased it to 11 billion dollars, which people just bought it all because most still wanted out.

Obviously this is not sustainable and usdt will eventually go down and people will sell their usdt for usd and the number will go down one day but until that moment this really works for people.

Just because USDT is critical to the market does not mean that it wont/ cant collapse. Furthermore if they are engaged in some sort of fraud/money laundering than i don't see how any regulator could take too kindly to that simply because its collapse would lead to financial losses for investors. I don't think the US would warrant tether as being critical to our economy to warrant them providing any sort of assistance in preventing tether from collapsing.

Furthermore One most not let our own prejudices/desires/ goals/interests impact our critical thinking. The fact is that Tether is a centralized entity and there will always be risks associated with that.

It is also pretty apparent that they have been less than transparent in the past only making their decelerations when they had absolutely no other choice or when that information had already leaked.

For instance the Link between tether and Bitfinex had always been denied and it was only after it leaked in the Panama Papers that they acknowledged that relationship.

Source : https://www.icij.org/investigations/paradise-papers/paradise-papers-connection-sparks-massive-bitcoin-lawsuit/

They also maintained that they had fully backed reserves on a dollar to dollar basis only recently admitting that this was not the case.

https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities

https://www.coindesk.com/tether-says-its-stablecoin-is-fully-backed-again
.
They say they are fully backed again but make of it what you will.


Furthermore the recent increase in total issuance from roughly 4 billion to 12 billion today at a time of wide spread economic slowdown does seem suspicious to say the least.

Again i am not debating whether tether is backed or not just that we need to acknowledge that there are some discrepancies and issues with it. And given the ongoing lawsuit by the SEC it just seems wise to maybe use another stable coin until the dust settles.

usdt is used for trading at cryptoexchanges. Amount of trading in usdt corresponds to amount of trading in btc and eth.

https://coinmarketcap.com/ - cryptocurrencies tab
compare Volume (24 hour) for ( btc + eth ) and usdt

Many people trusted bitconnect too while it was up and running.



Total marketcap of Tether is $15b right now and total supply is already above 15b.

Tetherconneeeeeeeeeeeeect

Most people use it to convert their alts during bleeding season. They don't have all that money on hand to be provided and most people already realize that. Use it as a back up to save yourself from crash but don't hold in for too long. that would be my suggestion. By now, there are many other alternatives to tether if one chooses to use. Risk is similar.

Total Assets   $15,116,796,542.73

from August 29  - was issued  about 1,700,000,000 usdt per 2.5 weeks

The amount of USDT kept increasing every month and it made me really confused. What if they do not have the corresponding amount of USD, the price will crash and it will cause the market to bleed.

here is more precise info

https://wallet.tether.to/transparency

it's differ little from coinmarket info

Since USDT or tether isn't officially backed by the same amount of USD as they are printing USDT, so businesses are loving their approach and want to learn how they are keeping the market stable and yet printing so many tethers, this is complete centralization of money that Tether is doing and maybe we would need an alternative for this problem as the day isn't very far away when we can get exit scammed by the tether foundation or maybe censorship might get imposed on us, we should promote the use of alternatives of tether so as to make the playing fields equal.

Thats Why USDT beats Ripple in rank number 3 position for couple of times because of this Big Capitalization in which brings The currency to permanently
took the rank 4.
But i am not into Stable coin and i don't know why,i felt like i have nothing to expect in this type of Currency when i can just Buy none stable coin and make money in sooner time?

---

But that was not CMC says?

https://coinmarketcap.com/currencies/tether/

But maybe sooner we don't know since USDT is gaining support from Businesses these days.

You don’t understand that the government will always try to kill any cryptocurrency wich they can touch. USDT has been accused many times, but this stablecoin will always remain the most popular in the market and will not disappear anywhere.

August, 29

usdt

Total Assets   $13,458,090,864.97

From July, 29 - was issued about  $2,700,000,000 

And if you look at Tether's daily volume, it is on top, with 35% against BTC's 24%.

https://coinmarketcap.com/currencies/volume/24-hour/

So it doesn't make sense, however, we all know that Tether can print anytime they want but the real question is it real 1:1, seriously doubt it. And because they themselves admitted it already, why are people still trusting them? There are a lot of options right now, as stable coins are also making their way now, so it is better to stay away from Tether, in my opinion, very shady company.

No, I don't think USDT has enough Tether to issued for all of their market caps. At least, not for a single time demand with everyone trying to cash out their Tether for real USD fiat. The market could crash if everyone does that.

Banks at least have every tool they need to control the flow of fiat by either limit number of cash each person/per day or gold reserve to stabilize the market. USDT? I don't think they can do that, yet.

As far as I know, Tether has even the ability to seize your funds if they consider it's reasonable to do so. An USDT collapse is actually a higher chance than a bank collapse imo - and banks do collapse every now and then.

The stablecoin still stands in the market because who the hell wouldn't sustain their own coin and print as many gazillions of USD out of literally thin air? I personally wouldn't put my trust in it at all. If you are basing your trust in USDT solely from the fact that it's been out here and used for many years, I think it's a quite silly hope for something that doesn't even have proper fiat backing proof.

Tether with so much of accusation has done nothing to verify their backing. I've been trying to avoid USDT as much as possible. Switched my base currency to USDC but many exchanges still only let users trade with USDT. Even in binance, the default trade window is BTC/USDT and in hurry, people may mistakenly sell BTC for Tether.

This is really bullish for the market as usdt has become a new standard to enter the crypto market which means that new money is flowing into the market as more usdt are minted also we can easily assume the trend with new usdt being minted for me it simply means more demand for crypto and more people want to buy crypto and being a big crypto company i am sure bitfinex will have a clear account regarding usdt.

From August, 1st up to today -
at binance => diffrence between total purchased volume and total sold volume of btc = about minus 27 000 btc
more was sold than bought

issued usdt from August, 1st up to today => 800 millions usdt

price of btc today is same as at August 1st

USDT will never be able to collapse because basically this coin has a very important role in the crypto market, and almost all exchanges have this trading pair. There are many allegations about Tether but this stable coin still stands in the market, and no one is disappointed to use. If USDT disappears then perhaps everyone in this market will lose money because Bitcoin and USDT are often interlinked and will be very unlikely.

They most likely don't have the USD to back those stablecoins but they said that they have other assets which will help back those stablecoins.

How are people trusting it? It's a known and most listed stablecoin in the market right now. It's not like it's being used to hold USD anyway, most just used it for short-term trading like changing from Bitcoin to USDT to other cryptocurrency so they wouldn't care much.

How is it possible while USDT is still getting a lot of trusts? did you watch the market before? it has billion as a daily trade volume. I do agree it's not all backed by some parties are also being difficult to do an audit for the tether. This company is only lack of transparency.

Do you need to ask? Of course, they don't have enough fiat to back up their amount of 'printing' USDT. As you see, every time market rally and set a new record price in term of stable coin USDT, they will 'printing' like this. A good reason why sometimes, out market crashing because of bad news and lack of trust for USDT.

Starting from March 2020, every time there was a issue of tether, there was rally of btc

first rally was from middle of March, when btc dropped to 3600, and after this begin restore

At binance - starting from middle of March, 2020, difference between total volume of purchased btc and sold btc are negative, but btc are moving up

so problem as for me is - that btc grows up - while the difference between buy and sell volumes is negative
and total volume of this difference corresponds to volume of issued tether (volume of difference is smaller than cost of issued tether)

I didnt checked difference between total volume of purchased btc and sold btc at other exchanges, will be curious make this check for coinbase and other real spot exchanges with real trading, like OKEX and LMAX Digital

when tether is issued - after issuance usdt is moved to wallets at bitfinex, huobi, binance - as i saw

This could be another reason why cryptocurrencies achieving rally. But, again it is not a natural and healthy growth, but growth caused by printed money, just like our classic economy works. Why it is bad? Because we are talking about creating a totally different financial ecosystem. 

One of the problems with having centralized projects on a Decentralized Network (assuming the stablecoin is not decentralized) is that they can be used to attack, weaken and even takeover the whole decentralized network. I'd be very worried when a centralized (or poorly "decentralized" ) project is growing, replicating or both, on the whole network

Currently they have not been able to prove it yet, there have been many accusations about USDT that they do not have the Fiat amount corresponding to USDT being circulated. If it is true, it is likely that USDT will collapse in the future and cause many people to lose money

I do but it's not all of tether has already backed by the dollar. I remember in the site of tether and it's clearly stated that it's not all of USDT that has already issued by the company was backed by dollars. You can try to visit the site too right now.

The growth that happened with tether is really fast compared with another stable coin. hmmmm that's interesting.

Bitfinex already admitted USDT is not 1:1 backed by USD.
Tether's U.S. Dollar Peg Is No Longer Credible


:/


Except they are not. Bitfinex/tether haven't been audited properly. Never.

I don't think USDT  needs to have the exact fiat for the tokens issued. It only needs to have enough fiat to keep the system running because I'm certain that every one who holds the USDT token can't demand for the fiat equivalent the same time. Even in our traditional banks, most of the money deposited are not held in the bank, they end up giving it out as loans and investments, but hold sufficient funds to cater for customers needs, thereby keeping the system in place.

I am sure they have that amount of usd backing their token otherwise they would not have came so forward across, I also like the fact that they are transparent and trackable so i am confident in their operations and i like trading usdt pairs to be honest.

If everyone cash out their crypto to USDT, the whole market and USDT would be crashed since no way they have enough fiat to really back up USDT. Never look at USDT as it can completely ensure the 1:1 USDT rate exchange for the total cap market.

Tether is either owned by the Federal Reserve (i think the probability is not that low), or Bitfinex is trying to bite more than they could chew.

Either way the end result is same.

Somebody is trying hard to make bitcoin mimic gold's movements.

Probably now, that is why we shouldn't trust the centralized tokens which might burst at any point.If we look at the growth this is insane and don't know how people still keep trusting them after keep printing lot of tokens and diluting them into the market.

It would be wiser to avoid Tether till they prove that they hold the fiat equivalent to their token issuance. Till than USDC and Paxos could be similar alternative as both of them are regularly verified with external auditor. In the time of rise in price many people turn into USD equivalent and it would be a disaster if USDT couldn't provide the conversion if every of them withdrew.

Then they are just adding more money by adding more supply of the tokens.
And that's supply that they add can also help to manipulate the price of other crypto currency such as BTC  and other popular crypto currency, its not a good way in my opinion  It could be a bad replacement if they continue to increase supply of it especially because its not really backed by real USD. I see bad effect on it for long term if they continue doing this things.

Tether is printing USDT at a really high pace that's why many have the same question as you have add to that they are not very transparent. That's the reason I don't hold USDT for a very long period I constantly keep trading them.

The fact that it isn´t covered by  Dollars alone should be a wanring signal. If they use e. g. random commodities, stocks or bonds or whatever else to cover it, or even worse loans, than it could be trouble somewhere down the road. It reminds me of the EU Basel guidlines for banks to have a certain percentage of deposit on their accounts to issue a loan and not go overboard with lending out too much money putting the bank itself on risk in case a debitor can´t pay´

They already said that their USDT is not backed 1:1 by fiat (wording aside, we know what it implies): https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone.

So I guess this pump machine is still continuing. Their banking issues are also popping up every now and then. In short, never store your money in USDT for too long.

Unless proven, there's no fiat back up. They are with an on-going investigation.

New York appeals court sides with state Attorney General as it seeks documents from Bitfinex and Tether

This topic is created on the wrong board, scroll down this thread, look at the left down part, you will see move topic, move it to altcoin discussion.

No, tether is completely a virtual currency, it is regulated in a way it will always be stable even if the demand and the supply is increasing or decreasing. Tether has no fiat to back itself but only from the extent of demand.

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt?