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@jimcarroll @jerry I firmly believe that they will eventually implode for one reason or another and encourage folks not to use it, but I do cut them a bit of slack because they were the first - when Tether was founded any lawyer and any bank would happily tell you operating a stablecoin was outright illegal and people have gonna to jail for it (see, eg, liberty reserve).

Thus, tether was stuck on shadow banks, other people’s bank accounts, etc, etc. problem is they haven’t been able to outgrow that perception and so they still have trouble getting good banking and other relationships.

Still makes them sketchy, but at least it explains the why without resorting to unsubstantiated claims they’re outright frauds (I’ve met the founders, they’re super nice people!).