Weren't tether's numbers sort of shady?
If you think 1% is a reasonable number, that’s 1BN per year at current market cap. Tethers been around for 10 years. Dead funds also compound.
Let’s say Tether was grossly insolvent (ie only had 50% of reserves) for the first 10BN in market cap (in other words, for the first 5 years of their existence). In addition to the 6BN+ of interest income they earn every year, there’s 1BN of reserves that will never get redeemed added every year
If Tether was insolvent before, they just need time to change that
This is very roughly similar to banking. It’s an unregulated bank, but it’s not inevitable that they’ll implode.
They have a shady past but quickly realized they had lucked into a WILDLY profitable business. That first 10% of their existence is debated constantly and is what you see referenced constantly online when Tether is labelled as shady.
They make a disgusting amount of money and it keeps snowballing. This annoys people who want them to implode for earlier crimes.
For context they are more profitable than Blackrock.
or similar. They have $100bn dollars and their only job is not to lose any of it.