Peter Brandt is a popular trader and analyst. He often criticizes the USDT stablecoin and calls it an accident waiting for its hour.
Calling the coin “another fiat currency” he warned that this stablecoin will ultimately bring to the disaster on the cryptomarket. He also said that the holders of these coins are fools, while Tether is no better than the Nigerian trinket. Saying that Brandt replied to the post published by famous twitter user Silver Watchdog who analyzed the growth of USDT market cap.
Tether is an accident waiting to happen.
– Peter Brandt, August 11, 2020.
Brandt also reminded cryptocurrency traders that exchanging cryptocurrency for USDT is not a way to avoid taxes, and the accounting process is becoming even more fiat-like.
Many people expressed similar views about Tether as they doubt that the stablecoin is really supported by USD as the company assures. The analysts mainly point out that these coins lack transparency, but the market doesn’t seem to pay attention to this factor.
It should be added that the flagship coin will be subjected to a full audit of its reserves after it turned out that only 74% of USDT is supported by fiat money. Despite the spot on its reputation, the stablecoin remains the third-largest crypto coin of the year, while the circulating supply has increased by 187% and reach 11.8 Bln coins. Such a large scale makes it an integral part of the market.