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It is an ERC-20 token on the Ethereum blockchain, so yes it is a cryptocurrency.

There is good stablecoin competition in USDC, or, my favourite, DAI. Unfortunately I think exchanges like Binance are somewhat in kahoots with USDT which is why they will not move off it.

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Thanks for the correction! :)

Re: kahoots, it feels like the answer to "What's the easiest way to generate returns?" has one obvious answer: increase leverage.

And what prevents leverage? Regulation.

So wouldn't it be great if you could create an unregulated instrument via which you could balloon the amount of funds you had to play with?

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