I disagree with you, there is need for Stable coin like Tether, the problem I have with the Tether team is now trying to be the central bank and printing money the way they like, the space has grown more than 1000% under a year and I believe the struggle to keep pace with this growth. I just hope there will be more transparency from tether as more news come to light
There is a need to trade Bitcoin to a dollar, the real one. There is no need to invent a bicycle. It could be done if you will have a chance to send your USD from one exchange to another, to your wallet, card etc. Like a paypal for example. Tether is not printing dollars and never will. In the best case it will end up with a not stable price or all USDT holders just won't be able to grab their real dollars.
I hardly doubt tether is the reason why the market crashed in the past few days. This dip was necessary, very necessary!
If tether will be erased ( 2$bln MC by the way) by the government because of the shady actions it will pull the whole crypto market to the ground and traders will rotate their coins between exchanges in dogecoins lol.
Who knows we might see Japan or some other big country to create a currency simmilar to tether, but this time it would be backed up by country. This can also have same result as with tether - to print more than there actually is. Although tether is just another company while if you have country bank behind particular crypto other people might look into using it more
That could be a very smart move from their side. The only thing that is needed is some sort of guarantees that the government won't stop backing this currency because of any "unseen circumstances". Or they can create a crypto friendly payment system.