USDTIt is one of the most successful projects in the currency circle, and this level of success should be comparable to Binance. But I think Binance is still better.

USDTThe total issuance has reached1400100 million, accounting for the total stablecoins in the industry60%, the secondUSDCtalent600100 million, less than half of the boss.

USDTOne of the awesome things is that almost every one or two years, rumors spread in the market that it is not going to work, its risks, etc. But without exception, they all survived.

USDTIn the past ten years, there have been many records of deaning, the most serious ones are2018It was frozen by the United States in 20198.5billion US dollars, and2022Year5moonTerraWhen it went bankrupt, it fell to0.95USD oneUSDT。

In theory1USDTAll correspond to1collateral for US dollars,TetherThe company operates such a huge dollar, but is completely opaque, and this opacity has even become an advantage in the currency circle.

TetherThe regulatory investigations that are involved in are often on the news, and it seems that there are lawsuits from n departments in many countries and n departments.

WorryUSDTStability is certainly reasonable. But without brain trustUSDT, there are sufficient reasons.

I think, if I have been tossed in the industry5People over the age of age will agree with such contradictory judgments.

I choose the trust with conditionsUSDT, What are the conditions?

I think it's the price of Bitcoin.

I was at the beginning of the year (2025Year2ReadTetherPublished by the companyUSDTCorresponding balance sheet.

Table: Tether Reserve Fund Constituent (as of December 31, 2024)

From the table, the following facts can be derived:

USDTThe corresponding collateral is1183.4USD 100 million is US Treasury bonds, USD cash and other assets that are almost equivalent to USD, accounting for the total collateral.82.35%。

USDTbesides78.6Billion dollars in Bitcoin (2024Year12Monthly, the price of Bitcoin is10万），占总资产of5.47%。

Others can be classified as assets with poorer liquidity, which look even more unreliable, such as guaranteed loans, precious metals, investments, etc.12.18%。

The only one we are most familiar with and with the best transparency in the above asset portfolio is Bitcoin. this5.47%If the price of Bitcoin plummets, we can directly know it.

ifBTCPrices rose (by price at the time of balance sheet release10w), we can guess blindlyUSDTThere is no risk of deaning.

But ifBTCPrices have fallen, for example, than when the balance sheet was released50%, we have more reason to be worriedUSDTIs the collateral sufficient?

Other collaterals are not transparent enough anyway, so it is difficult for us to judge whether they are healthy.

So I'm rightUSDTThe confidence, based on the above intricate argument, is as long asBTCPrice falls below5w, I'm going to be rightUSDTThe position is used to avoid risks, such as changing toUSDC。

ifBTCPrices don't fall5w, holdUSDT, blindly believe in its awesomeness and enjoy its liquidity advantages. Unless something else happens.

fromTether的CEOexistXPosting on it can also be seen that this company is highly andBTCThe bound one is not only buying big candes, but also investing in the mines. There is a high probability that this guy willCEOI also bought a lot of big cakes.

fromTether CEOPosting technically, I feel like I'm also brainlessBTCEven if it isUSDTIn fact, it mainly depends on Ethereum'sc20, and tronTrc20。

So, I make a subjective judgmentTetheris height andBTCBinded. What if one thousandBTCIt's falling too badly, hold itUSDTIt is better to avoid risk for users, if there is still a choice in the market.

Also, just a few weeks ago, I was particularly worriedDWill ai, the stablecoin, be deaned?

becauseETHContinuously exploding, pressMakAnd DAOAgreement design,1Delayed liquidation within an hour and liquidation fines13%, the setting of these two parameters.

ifETHexist1It dropped more than it did within an hour13%, that means bad debts may arise, that is, some treasuries are not mortgaged and no one will liquidate them.

This may be correctDThe stability of ai has an impact.

certainly,ETHNothing happened1Throw in an hour13%Something about. The market has lost a testMakerDaoOpportunities for design.