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10 sats \ 1 reply \ @Enemy_of_the_state 14 Feb 2024 freebie \ on: Is Tether the perfect scam? econ
Does it matter if Tether has dollars to “back” USDT? What’s backing your dollars in Wells Fargo? Whole lot of nothin.
-Reserve Requirements
-As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
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0 sats \ 0 replies \ @Kathleen_Croteau 14 Feb 2024
This doesn't answer your good question, but at least there is FDIC insurance for the consumer.
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