Because no banks will work with them and the US gov’t is constantly trying to track them down - and has a stranglehold on USD banking in the world. Read the NYAG report, it’s pretty crazy.
https://tether.to/en/tether-banking-relationship-announced/
From https://www.deltecbank.com/2022/09/01/the-history-of-stablec...
> Tether
> Launched in 2014, Tether (USDT) came to extraordinary success with a current market capitalization exceeding 67 billion USD.
> This stablecoin fixes the issues inherent in the previous three. It relies not upon volatile reserves or the idea of persistent arbitrage trading, but on hard reserves of fiat currency. For every Tether coin in existence, there is one US dollar in a vault backing its existence.
> In this way, the stablecoin handles a complete theoretical rout with ease. Tether continues to serve the burgeoning digital asset space while garnering the implicit affection of regulators.
Interesting relationships with FTX - apparently SBF gave them a $50 million loan to keep operating, and they’re neck deep in that mess.
https://www.forbes.com/sites/davidjeans/2023/01/15/ftx-delte...
Might want to give them a year or two before figuring that isn’t another smokescreen.
Deltec's response is that they're awaiting instructions on how to repay the loan:
https://www.deltecbank.com/2023/01/16/deltec-bank-trust-limi...
Aka it stinks.