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#pyusd

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⚯ Michel de Cryptadamus ⚯

@daedalean @GhostOnTheHalfShell

> "so wait, they created a cryptocurrency that’s (hypothetically) backed by USD cash reserves?"

they created *many* such cryptocurrencies (though Tether USDT and Circle USDC are the overwhelming majority of the market, recently everyone is launching their own #stablecoin bc it's insanely profitable to collect interest from the US govt and not pay any to your customers. for instance blackrock has a stablecoin #BUIDL and paypal has one #PYUSD)

> "So it’s like having USD in a bank but with crypto?"

that's exactly what it's like.

> "ok, think I get it. It’s a loophole for those (eg russian oligarchs) who are banned from us financial systems to be able to keep USD on hand"

you have understood perfectly. "banking the unbankable" is what i call it (the crypto industry calls it "banking the unbanked")

i wrote a long thing about how Tether works, which BTW is partially owned and run by a member of Trump's cabinet (#HowardLutnick)

cryptadamus.substack.com/p/tru

The Cryptocalypse Chronicles · Trump's Transition Team Is Tethered To Thievery (And Worse)By Michel de Cryptadamus
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⚯ Michel de Cryptadamus ⚯

Trump cabinet member #HowardLutnick's¹ $135 billion crypto-bank-for-criminals #Tether has two options:

1. submit to an audit like any normal financial firm

2. lose the entire EU customer base, representing a pct of global GDP comparable to the US or China

the fact that they chose #2 tells you everything you need to know about tether.

notice also that #Kraken and #CryptoCom are delisting #Paypal's #stablecoin #PYUSD... wonder what that's about.

¹ It was widely reported that Lutnick's firm #CantorFitzgerald, which manages Tether's assets, had taken a 5% stake in the co. but during his confirmation hearing he said there was only a "convertible bond", which is what the kids call "sus".

Kraken announces the delisting of USDT and EURT.
Crypto.com announcing the delisting of USDT.
#crypto#eupol#uspol
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