Why does Tether always come up in HN crypto threads? I'm surprised it's still around after it was revealed they're running a fractional reserve. When I worked in the industry Tether was a joke and there were many alternatives that are backed 1:1.
Because they keep printing more and more unbacked money to the point that they are the 3d largest crypto currency right now and almost all crypto trading happens in tether, not actual dollars, so it's unclear how much actual money there is in that market and how much of it is fake dollars.
It's basically the bitcoin for crypto.. and its constant actual monetary difference with usd is the biggest cause of the crypto market cap inflation.