A good news or a bad news

[Lambe Ndumble]

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

In my opinion this is good news because the coin stable has direct support from the USD, this will strengthen the USDT position so that it does not hesitate to store assets to the USDT. I hope that this will also happen to other coins.

[|MINER|]

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

I think this is good news, because there is some confusion about the background of USDT ie Tether.  I think if they clear it to the public as ordered by the US Govt it will shed its shadyness and emerge stronger. On the other hand, if they don't present the right information, I think any restrictions on them will hurt the cryptocurrency a  bit.

[rugrats]

In my opinion, it's positive news for the crypto market if they show proof of reserve backing its stablecoin, thus Tether will gain the trust factor amongst all the stablecoins, and traders or investors will not be afraid to hold it. For the time being, I would say just wait for Tether dev to provide the proofs.

Never trust fully in any stable coin, even if tether can prove that they are in fact backing their coins as they claim we do not know if this will always be the case, this is in fact one of the main reasons why this market exists at all as governments have abused the power of creating their own currency, decades ago they claimed their currencies were backed by a specific amount of gold only to break that promise over and over again, so any centralized entity can always go back on their word if it is on their best interest to do it.

Of course, it is not advisable to put all our assets in USDT even if it is proven to be safe. USDT is also a centralized asset like USD. But this news is good for our market, USDT transparency has been our concern for a long time. Everything needs to be controlled and resolved soon, don't let similar cases like UST happen, causing a series of investors to sink into loss and misery.

[Dr.Osh]

This is a good news if Tether USDT can present a valid proof that backing there Digital USD so that crypto users will finally have peace of mind that they are not doing shady things but this is indeed a bad news if they can’t present anything to backed there USDT in the bank because USDT holder will be on panic mode that will result to depegging of the token same on what happened to Luna.

it would be great if they could show proof that USDT is really backed with valid assets, and that would also refute all kinds of negative news from USDT. it's just that, if they can't provide evidence, it can have a huge impact considering that USDT is one of the most volume assets today. this may affect the level of confidence in other stable coins. however, I expect good results from this. a good outcome of this is likely to make confidence in the crypto world increase.

[yazher]

Of course, it is not advisable to put all our assets in USDT even if it is proven to be safe. USDT is also a centralized asset like USD. But this news is good for our market, USDT transparency has been our concern for a long time. Everything needs to be controlled and resolved soon, don't let similar cases like UST happen, causing a series of investors to sink into loss and misery.

It is already been discussed and most of the users here don't really recommend it simply because of its nature that it is centralized and you can lose all of your assets at once if something happens to its owner. But we are not removing its total use because these coins can help people a lot especially when there will be transaction congestions where you cannot convert your BTC to fiat and you can use this coin to convert temporarily so that you won't miss the ATH price.

[TastyChillySauce00]

I have no problem using tether usdt in fact I like the stable coin more than a few others except BUSD, Tether is big enough right now and they have been investigated in the past, bringing this up now is just a new to create fear in this crypto space so nothing new here.

People were calling it as FUD. I think that if you can't call anything as FUD to create fear in the crypto. Sometimes the government needs to the stable token provider to be transparent to the regulators. i guess if all of things gone so well and there shall not need to feel worry about that. This is the fact. Audit is actually needed and regulators are only doing what they must to do. There's no intention to create fear if USDT was real legit.

[batang_bitcoin]

for me this is good news because we who often use USDT should know more about this project.

Well, at the beginning there have been debacle and issue where it has been involved. And you as a user, you should be aware of those things that they were involved off even that happened before.

The main thing is how their reserves promise which is said to be 1:1 with fiat. If the government investigates this and it is proven of course it will be a plus for USDT which will be more trusted by the public.

It's been long overdue since that issue has popped. Until now, it's unclear to many if they really have a reserve for the supply that they have for Tether.

[TribalBob]

it can be said that it is good news if it makes crypto positive value will be better, don't all crypto creators want recognition, maybe the initial usdt of all of this then goes to bitcoin and other alts,

[Silberman]

Never trust fully in any stable coin, even if tether can prove that they are in fact backing their coins as they claim we do not know if this will always be the case, this is in fact one of the main reasons why this market exists at all as governments have abused the power of creating their own currency, decades ago they claimed their currencies were backed by a specific amount of gold only to break that promise over and over again, so any centralized entity can always go back on their word if it is on their best interest to do it.

Of course, it is not advisable to put all our assets in USDT even if it is proven to be safe. USDT is also a centralized asset like USD. But this news is good for our market, USDT transparency has been our concern for a long time. Everything needs to be controlled and resolved soon, don't let similar cases like UST happen, causing a series of investors to sink into loss and misery.

I think this is the main worry of investors at the moment, after the collapse of UST investors are wondering which stable coin will be next and will collapse almost overnight, so not only I think it is a good idea that Tether is being ordered to reveal the size of their reserves and we see if it is fully backed, in fact I believe it would be a good idea if the rest of the stable coins we have in the market did something similar to this and were as open as possible about it in order to dissipate the doubts in the minds of investors.

[kelonmusk]

I don't think this is particularly good news for the crypto world. From the start, Tether was a controversial project, with many critics claiming that it was not backed by sufficient funds to qualify as a real stablecoin.

I can imagine a lot of people buying Tethers thinking they were using an asset that is actually backed by the US dollar, but feeling otherwise after having their faith shaken by this court decision.

If Tether can't prove its legitimacy or if a court orders them to shut down, this could be bad news for the crypto market as there might be a lot of selling pressure from USDT holders.

[gunhell16]

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

If nothing makes USDT or Tether illegal I think they can provide valid shreds of evidence in the U.S court and I can also say that this is a piece of good news to say that USDT/Tether is clean when it comes to legality.

But if what they show they need becomes invalid in the U.S. court, it will be a big problem for sure. I just don't know if the bad news about the dollar is related.

Anyway, you should just chill and relax as far as I can see everything will be fine for usdt/Tether.

[Eridan_world]

Perhaps this will temporarily affect the price of the currency, but in general nothing will change.

[trendcoin]

USDT is a centralized cryptocurrency that has always been at the center of various criminal allegations. That's why I took the US court's claim as normal. Also, I agree that this is not good news, but I think it is not news that can affect the market. Yes, I'm not ignoring USDT's influence on the market, but even the Chinese government's crypto ban did not affect this market. If USDT suddenly disappears from the market overnight, the market will suffer a little, but since the products in the market cannot be bigger than the market itself, the market continues on its way.

[Aliem Nur]

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

For me, this could be good news, because if USDT reveals the truth and discloses the reserves backing its stable coin is proven to exist,
then I think USDT will be stronger and will become good news, but if USDT is not able to reveal it then we must of course be prepared be prepared for the worst,
so don't miss out on this info about USDT.

[WalkerIVIV]

it can be said that it is good news if it makes crypto positive value will be better, don't all crypto creators want recognition, maybe the initial usdt of all of this then goes to bitcoin and other alts,

Stable token being considered by government as serious assets that needs to be regulated. it's caused by stable token used fiat money to backed it and so regulation is needed to avoid potential for stable token to be manipulated.
I think that's also the point why the government was giving order for stable token used to be transparent with its reserved funds.

[topman21]

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

I think this is definitely good news. People will definitely know that USD is a safe stable coin and fully soulful.If they can prove that, their popularity will surely increase and their validity will be proven and people will become more attracted to them.It will be easier for the USDT owner and he will be able to move more openly.

[coinerer]

it can be said that it is good news if it makes crypto positive value will be better, don't all crypto creators want recognition, maybe the initial usdt of all of this then goes to bitcoin and other alts,

Stable token being considered by government as serious assets that needs to be regulated. it's caused by stable token used fiat money to backed it and so regulation is needed to avoid potential for stable token to be manipulated.
I think that's also the point why the government was giving order for stable token used to be transparent with its reserved funds.

Agree, in this context we can get good idea about two things. One is that the government may be coming forward with the view that there may be a great loss to the people and in the future it will be in a better position which requires a reliable existence to be secured. They can emphasize on these two things.

[justdimin]

If nothing makes USDT or Tether illegal I think they can provide valid shreds of evidence in the U.S court and I can also say that this is a piece of good news to say that USDT/Tether is clean when it comes to legality.

But if what they show they need becomes invalid in the U.S. court, it will be a big problem for sure. I just don't know if the bad news about the dollar is related.

Anyway, you should just chill and relax as far as I can see everything will be fine for usdt/Tether.

I would say that there is "some" illegal parts of it. Not because they are doing anything unethical or just scamming you, they could be legit and decent and still be found guilty, not for like a jailed type of crime, but for some SEC crimes which are related to finance and could be punished with just a fine, which could be millions of dollars but fine.

They have billions, tens of billions of dollars from us and gave us something they created themselves out of nothing, that could always be troublesome in a court of law and that would be the case they are going against. Doesn't mean they have to be scammers, just that idea alone is a risky one.

[fuguebtc]

it can be said that it is good news if it makes crypto positive value will be better, don't all crypto creators want recognition, maybe the initial usdt of all of this then goes to bitcoin and other alts,

Stable token being considered by government as serious assets that needs to be regulated. it's caused by stable token used fiat money to backed it and so regulation is needed to avoid potential for stable token to be manipulated.
I think that's also the point why the government was giving order for stable token used to be transparent with its reserved funds.

Overall, this is good news, which will help us prevent manipulation or fraud in the first place. It can be seen that the collapse of the UST has cost thousands of investors and the government cannot let that continue, so the fact that USDT or other stablecoins are investigated by the government is good news for the market.

USDT is the largest stablecoin on the market but is often accused of not being transparent in the management and issuance of assets. Therefore, this is the information that the market has been waiting for a long time. If proven to be clean, USDT will be stronger and investors will feel more secure. If they make a mistake, they should handle it right from the beginning so as not to become the second UST.

[uneng]

I see no problems in asking transparency from them. Actually, it shouldn't be even needed to be US regulators asking for proof, but any investors and adopters should have access to these informations and documents when demanded. If USDT is legit and has everything backed and under control, they have nothing to hide. Transparency is the root of crypto universe and this same concept should be adopted by every projects belonging to this environment.