Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

Weird phrasing. It isn&#x27;t clear that responding to OFAC listings makes one a &quot;partner&quot; of the FBI or Secret Service; to my knowledge, entities that do business in the US (or anywhere the US&#x27;s financial limbs can reach) <i>have</i> to respond to OFAC listings.<p>Am I missing something here?

Each <i>disabled</i> token is pure profit to Tether. They&#x27;re not cashing them out to the US Treasury, as with Bitcoins recovered from criminal operations.

That <i>might</i> explain why it has not crashed completely yet. As a rule of thumb, never trust service providers that should, by all common sense, fail, but miraculously don&#x27;t.

“Tether seeks to be a world class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally.&quot;<p>Well that’s an interesting statement, saying the quiet part loud (About dollar hegemony)

Tether has a market cap of $91,767,545,339 on coingecko.com at the moment, I don&#x27;t know how many of that holdings is in BTC, ETH or FIAT. But if these guys can create Tether out of thin air (If it&#x27;s not fixed like BTC) and syphon it off to personal created wallets..

Notably, this is a coin used by a lot of cryptominers, many of whom are Chinese who fled the ban in China on crypto mining and also to export their wealth in a way they can&#x27;t otherwise because China doesn&#x27;t allow transfer of currency out of the country.<p>Example:<p><a href="https:&#x2F;&#x2F;www.nytimes.com&#x2F;2023&#x2F;12&#x2F;25&#x2F;technology&#x2F;bitrush-bitcoin-cryptocurrency-china.html" rel="nofollow">https:&#x2F;&#x2F;www.nytimes.com&#x2F;2023&#x2F;12&#x2F;25&#x2F;technology&#x2F;bitrush-bitcoi...</a><p>...so now gigawatts of electricity are being used here to generate more wealth for chinese billionaire playboys who are so stingy they can&#x27;t even pay rural local electricians. Must be because of how expensive his tuition is...

So... Half the appeal of crypto and Tether &amp; co has been a separation from the current financial system and &#x27;deep state,&#x27; yet here we are embracing both with hugs.<p>The cryptoverse is no place for making sense.

I do not think this is surprising. DAI is a better alternative if you want a stablecoin that can&#x27;t be frozen.

Completely unrelated to a previously unknown link to the US government…<p>I am reminded that this is the cryptocurrency a lot of people were expecting a violent crash from.

To those who think tether is a massive fraud: time to get caught up. The crypto dollar market is extremely large, the product market fit is extremely real and tether is king.<p><a href="https:&#x2F;&#x2F;t.co&#x2F;caUMlsufXA" rel="nofollow">https:&#x2F;&#x2F;t.co&#x2F;caUMlsufXA</a>