The Coin Bureau’s host being a famous crypto analyst has outlined the reasons for the criticisms and concerns related to ‘Stablecoins’ and Tether to be superfluous. A new video has been released by the analyst, who is known as the pseudonym of Guy, in which he has listed the prominent reasons which show that there are no potential risks caused by the ‘Stablecoins’ and Tether to the crypto industry.
Tether, despite being the top ‘Stablecoin’ of the industry along with the possession of the USDT token, faced much skepticism for it was not been appropriately backed. Jim Cramer of CNBC divided Tether into multiple segments stating it to be an infirm link to the markets of the cryptocurrency.
Guy focused the attention of his subscribers, who are nearly 1.15M, toward the fact that the firm ‘Tether Holdings Limited’ (the organization backing USDT) was awarded an attestation by one of the top 20 accounting firms, named ‘Moore.’ He emphasized that the attestation was the evidence about the effective support of the firm for Tether’s ‘Stablecoins.’ It was proposed by him that any redemption could be covered by the available assets even than some people feel some agitation with it and consider the audit to be lesser than the necessary than they would be reminded that nothing like this has been done by the issuers of the other ‘Stablecoins.’
Following, the analyst touched on the concerns regarding the aftermath of China’s decision of imposing a ban over Tether, if it is taken. In Guy’s point of view, the issue is genuine; however, it is superfluous. He elaborated his point by saying that though the impact of the ban would be far-reaching, no one can ban the Tether platform except to completely shut down the internet, as the currency is decentralized and the transactions would be started again after the regaining of the availability of internet. Additionally, he explained, China has done so for crypto (including ‘Stablecoins’) every year since 2017; however, the country remained unable to ban it.
He concluded the argument by expressing that he never feared the impact of ‘Stablecoins’ on the market of cryptocurrency and the absence of the ‘Stablecoin’ markets. ‘Guy’ showed optimism regarding the fact that most of the assets of cryptocurrency are, in a large amount, based on ETH (Ethereum).