Are Tether's (USDT)Days Numbered? I Think So
It looks like Tether's (USDT) days could be numbered. Tether has yet to provide a legitimate audit. People have always wondered how Tether was always able to mysteriously match the market demand during trading peaks. Tether has also functioned as an unregulated crypto currency coin with no real banking regulation supervision.
Well, here comes the Winklevoss twins launch new Stablecoin known as the Gemini Dollar. According to an article from the Brave New Coin (9-11-2018), "On Monday morning, the Winklevoss-twins backed crypto exchange Gemini, announced that it would be releasing a US dollar backed stable coin hosted on the Ethereum network.
The token is designed to provide liquidity options for users wanting to send US dollar fiat back and forth via the Ethereum blockchain. The press release from the Gemini team indicated that the new digital asset would be ‘strictly’ pegged to the US dollar, with the Gemini trust company holding USD deposits corresponding one for one with Gemini dollars in circulation.
The New York Department of Financial Services (NYDFS) will directly supervise the operations of Gemini dollar, and be the regulatory authority of the projects." State Street Bank, located in New York, a member of the FDIC will be the depositor of choice. This will allow public disclosure and transparency. This is just what the Crypto Doctor ordered. It has been sourly needed.
reference article: https://bravenewcoin.com/news/winklevoss-twins-launch-new-stablecoin-the-gemini-dollar/
image from: decentral.market
It is my opinion that tether will be used as the final drive to get everyone away from crypto before they adopt it world wide.
They will use tether to crash the market.