 | I keep seeing a lot of posts and/or comments about how "USDT is shady so I don't use it, I prefer USDC instead so I'll be fine even if they're gone". This is a grave misconception that can have serious implications in the future. I'm here to demonstrate that even if you never touch USDT yourself, you are indirectly using it if you're invested in any cryptocurrency. The main issue is: USDT has more daily trading volume than all other 9 top-10 cryptoassets combined. It's safe to say that USDT is responsible for over half the market's liquidity. As of this moment, the top10 cryptoassets by marketcap, and their daily trading volumes are:
If you sum up all the trading volume of the other 9 coins you get a daily trading volume of 11.221 billion USD. Meanwhile USDT's trading volume is 11.541 billion. Coinmarketcap screenshot taken at the moment of writing this post. The conclusion is what I previously stated: even if you never touched, even if you never even heard of USDT, the market you're invested in is, whether you like it or not, absolutely tainted with USDT trading. If USDT were to pop out of existence, whether to a hack, a scam exit, the SEC, Gensler going Super Saiyan 3 on them or anything of the sort, you will be affected by it. [link] [comments] |
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