Tether's transparency and business structure raise concerns among industry insiders

【Tether's transparency and business structure raise concerns among industry insiders】 Golden Finance reported that Tether's market share exceeds 75% of the entire stablecoin market, which has raised concerns about Tether's influence on the crypto industry. Cyber​​ Capital founder Justin Bons is worried that Tether may be a bigger scam than FTX. Bons wrote in a post on X on September 14: Tether is one of the biggest existential threats facing the entire cryptocurrency. Because we have to believe that they hold $118 billion in collateral, it has not provided any evidence. Even after the CFTC fined Tether for misrepresenting reserves in 2021. As early as 2021, Tether was fined $41 million by the U.S. Commodity and Futures Trading Commission (CFTC) for lying that USDT was fully backed by reserves. Sean Lee, co-founder of IDA Finance, said that while FTX's collapse was due to its inability to cash out $6 billion in massive customer withdrawals in three days, it is assumed that Tether's collapse is related to its banking partners. “Bear market or not, the likelihood of Tether collapsing has more to do with its structural connection to underlying assets and banking than market volatility. Otherwise, USDT would have suffered in the last bear market, but in reality, USDC decoupled due to its reliance on SVB and Signature Bank.”