TETHER (USDT), the largest stable in the world with more than $ 157 billion in market capitalization, is back in the spotlight – and not for good reasons.
A chain analyst has raised new concerns on X, exposing potential red flags that could shake the cryptographic markets if they were ignored.
From a mysterious mint of $ 2 billion on a tron at regulatory pressure from the EU and missing audits, the stablecoin giant is once again faced with a meticulous examination.
Let’s decompose it.
2 billion dollars in USDT struck on a tron, but no traffic?
According to Chain Mind, Tether recently struck USDT $ 2 billion on the Tron network, label it as “Authorized but not delivered.”
What does that mean? The tokens have been created but are not yet released in circulation – they are seated in the Tether safe.
The analyst suggests that this could be a preventive decision to manage the potential volatility of the market, especially if significant redemptions struck during a sale.
If investors rush to withdraw their crypto in USDT or exchange USDT for dollars, Tether can quickly release this pre-Frappée reserve to maintain stability.
No complete audit yet? Tether reserve mystery
Tether says that each USDT is supported 1: 1 by real assets such as species, American cash bills and short -term investments. But here is the HIC – no complete independent audit has never been published.
In 2021, the Prosecutor General of New York noted that Tether had distorted his reserves and inflicted a fine on the company $ 18.5 million.
Despite the promises, transparency remains a big question mark. Without an independent audit, many in the community fear that a hidden reserve gap could cause collapse.
The forces of the Mica law are leaving Europe
Europe squeezes the screws. According to the Mica regulation, stablecoins like Tether must:
- Be under license
- Hold 60% of reserves in EU banks,
- Maintain total transparency,
- Fall under the supervision of the EU.
Because Tether did not comply, the big exchanges, notably Binance and Kraken, have struck the USDT for European users.
This regulatory block limits USDT access to a huge market and raises more questions about its global sustainability.
What happens if the attachment collapses?
The attachment dominates more than 62% of the volume of the Stablescoin market. A sudden Depreg of $ 1 could cause:
- Massive redemptions,
- Exchange of freezing withdrawals,
- Protocol failures,
- A chain reaction similar to the collapse of FTX or terra.
3 Possible triggers for the USDT ventilation:
- An order of the court free of assets,
- Losing banking partners (cutting the dollar flow),
- Solid proof that the reservations do not exist.
Any of these elements could trigger a bank focused on Tether.
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What are the alternatives?
If the attachment goes down, what is the next step?
Chain Mind suggests two stablescoins as safer alternatives:
- USDC – regulated by the United States, regularly audited,
- Dai – Decentralized and overollaterated.
However, he admits that the USDT still has dominant liquidity, in particular in Asia and on emerging markets, which makes replacement difficult – unless the strikes in the event of a disaster.
Last take
The attachment does not collapse today, but the risk is real. As the spirit of the chain warns: “This will suddenly happen – when it happens.”
The cryptography community must remain vigilant and diversified, especially during volatile cycles where confidence in stablecoins is all.
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Faq
Tether is under surveillance due to a recent “authorized but not issued” mint of $ 2 billion on a tron, a persistent lack of a complete independent audit and the new regulatory pressure of the European Mica law.
A DEPEG attachment could trigger massive redemptions, gel withdrawals, cause defocal failure deficiencies and lead to the collapse of the cascade market similar to FTX or Terra, due to its domination of the market.
Chain analysts suggest that the USDC (regulated by the United States, regularly audited) and the DAI (decentralized, overollateralized) as safer alternatives. However, the USDT still has dominant liquidity, in particular in Asia.
