The problem people have with Tether is their promise of 1 USDT = 1 USD.

Tether was kicked out of their HK and Taiwan banks, and now they are banking in Caribbean islands. They are supposedly holding $1.55 Billion USD cash in one of those banks to back USDT issued so far.

My question is, have you seen a Caribbean bank? Most bank HQs over there look like a 7-Eleven, and banks are owned by local politicians or shady characters. Anyone who deposits more than $1 million in those banks is a fool.