USDT ticks all the checkboxes of prior Ponzi's I've experienced but please, enlighten me.
Stablecoins in principle face the issue of pegging against something that dillutes at will.
But specifically USDT: How is Tether's peg supposed to work if it's alledged backing assets consist of other crypto assets ?! Shouldn't they seek less crypto exposure for stability?
Assets which are BTW unsatisfactory disclosed considering a) comparison with established equity markets and b) that such disclosure only exists at all due to law-enforcement.