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I think this is the correct sentiment. I would be shocked if there's nothing shady going on at Tether, but given the 5 years of apocalyptic tether predictions while Tether plugs on through things like the Terra collapse with zero issues, it seems very likely to me that the sentiment is overly negative, not that the risk is understated.

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> Tether plugs on through things like the Terra collapse with zero issues

Being more stable than Terra is not a very high bar.

It's a binary event. It's either stable or it isn't stable. It isn't "more stable than Terra". It's stable (so far).

Not really, unless you're being overly reductive. For example, I think I would call a 10% backed stablecoin less stable than a 100% backed stablecoin, but more stable than a 1% backed stablecoin (or 0% in the case of something like UST, at least initially).

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