USDT穩定幣會倒閉嗎？

Hello everyone, I'm Terry. Today I'm going to talk about stable coins. Stable coins play a very important role in cryptocurrencies. The coins we use in traditional finance are called "fahbi" .

If you want to use the cryptocurrency as a common currency, the most important thing is to transfer the currency to the blockchain bridge. Generally speaking, we will use stable currency here. Of course, you can also use the currency to buy Bitcoin or other cryptocurrencies. But the fee will be more expensive. Another important function of stable currency is that when the market price of cryptocurrencies fluctuates greatly,

Users can transfer their current investment, such as Bitcoin or Ethereum, to the stable currency to make profit. It means that the role of the stable currency is very important. It gives you a mechanism to come out, but you don't have to rush to convert it into a legal currency. The main function of the stable currency is to provide a liquidity. It is a value exchange between the relative legal currency and the 1:1 value. You can imagine the stable currency as a bond. For example, you have a stable currency of $1 now. You can exchange this token for $1 at any time.

Why are we talking about stable coins today? The most popular stable coin in the world is USDT. We often hear about 10U or 100U in the coin circle. These units of U are USDT. USDT currently has more than $100 billion in market flow worldwide. The second place is USDC, but its market is less than one-third of USDT.

So most of the world's stable coins are on USDT That is, if USDT goes wrong today, such as decoupling It will definitely be a very serious black swan time There is a destructive impact on the cryptocurrency market What does decoupling mean? The famous Terra Luna UST algorithm stable coin before Because decoupling lost the value of 1:1 exchange rate with the dollar The original unit of UST can be changed to $1

and it became $0.9. Then the exchange rate kept falling, and it led to a bank crisis. Everyone tried to exchange the UST they had in their hands for US dollars or other stable coins. In such a hopeless turmoil, the UST was finally sold and lost.

I also had a lot of UST at the time so I had a lot of losses. And the worst thing is that these "black sky" events usually cause a series of stock effects. The companies that were later found to be missing include SunAC, Voyager, Celsus, BlockFi, FTX and eventually caused a wave of cryptocurrency. Because of the Terra Luna UST incident, in a few days, 450 billion US dollars worth of cryptocurrency were evaporated. Today, USDT has more than $1 billion worth of market value. So if USDT goes public,

you can imagine that the result is at least twice as much as the result of Luna So you may have the same question with me Is the USDT you have in your hand safe? Will the tragedy of Luna UST be repeated? Because I also have this question Since Luna UST was burned, I have PTSD So in today's video, we are going to learn about the safety risks of USDT If you also have USDT like me I believe this video will definitely be very safe for you

First, the basic operation principle of USDT is that I need to take a dollar and exchange it with Tether for a USDT token. After I exchange the token, I only need to return the USDT to Tether in the future. Tether is the publisher of USDT. I can exchange it for a dollar.

This is the most ideal and normal state. If this state is to be achieved, Tether must ensure that they cannot lose the USD that they have exchanged. Today, USDT has a market value of more than $100 billion. If all of this $100 billion is cash in the bank, will this be able to achieve this ideal state? Theoretically, yes. But the reality is not that simple. Because which bank in the world can you trust

put all the $100 billion in it. We've only experienced the Silicon Valley Bank bankruptcy. Many other major banks in the U.S. have also been bankrupt because of the shutdown. And then the U.S. FDIC insurance only saves $250,000 for each account. So if Tether wants to ensure all cash assets are 100% safe, they need to have more than 400,000 FDIC insurance bank accounts. This is very difficult for a foreign company.

Tether also needs to make money, they don't do charity work here If you put all this money in the bank, the interest rate may not be much Plus the risk of putting so much money in the bank is higher So Tether needs to put the capital in a very high liquidity but very low risk asset And these assets can't all be cash So for Tether, the best choice is basically a US state debt with zero risk

And the US debt is a bank account. If your US debt is deposited in a bank, and the bank is closed, the bank will return the bank to the owner. It's not a bank.

and will not appear on the bank's asset balance sheet. Unlike cash deposits, if they exceed the FDIC balance, they may not be able to be returned. Let's go to the Tether official website to see if they have been provided with an asset audit certificate by an independent audit institution called BDO. It looks like they have done this asset audit every quarter. The latest report is from the first quarter of this year,

Let's take a look at the results of this report. They currently have 11 billion in assets and 1040 billion in debt. Debt is the USDT coins that are circulating on the market. As long as you have USDT, you are a debtor. You can exchange the USDT with them for equal value.

and their net assets in the first quarter is $6 billion. What does that mean? It means that USDT currently has a super-low price of more than $6 billion. This is a good sign. It means that if the current $1 billion USDT is circulated around the world, it will be returned to Tether and replaced by US dollars.

they can fully meet these requirements. And in the end, there will be $6 billion left. Does that mean USDT is 100% safe? Of course not. We still need to look at what their assets are. If they are all high-risk investments, then it's very dangerous. Let's look at their assets.

目前來看是85%是現金 或是類似現金的資產 有極少數的公司債券 有一些稀有金屬 有一些比特幣 還有一些其他的投資 還有一些擔保的貸款

Let's look at the cash or similar cash assets. 80% is US national debt, some repurchase agreements, some currency market funds, and a small amount of cash. So like I just said, most of the assets are still on US national debt. This means that USDT is safe.

Of course not that simple. Do you remember how Silicon Valley Bank died? They were the ones who held a large amount of long-term US debt for 10 or 30 years. And then it was the time of the US rise. Because the rise will cause long-term state debt that has been issued to shrink its value. It will cause a loss on the bank's account. So the investors and customers were very nervous at that time. So it caused a wave of bank clashes. Finally, they collapsed.

Let's take a look at the US debt of the US Treasury. In the BDO audit report, we can see that the US Treasury bill with the residual average maturity of less than 90 days, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time, which means that they have received US debt for a short period of time

The current revenue of the US state debt of three months is about 5.4%. What does this mean? It means that Tether's asset reserve is indeed in a relatively low risk situation. Their financial status is more towards health. And more importantly, they currently have very good revenue. According to BDO's audit, their profit in the first quarter of this year is $450 million.

The $450 million is mainly from the US state debt What is the concept of $450 million? This number is equivalent to the profit of Visa's first quarter of this year But Visa has nearly 30,000 employees worldwide And Tether has only 125 employees worldwide This earning ability is very terrible

You know how easy it is to be a rich bank now, right? So according to the information we can see, USDT is relatively safe at the moment. But it's not completely without any risks. First of all, Tether is not a traditional financial institution under supervision. Its financial situation can only rely on third-party audit companies. And now only BDO gives a report every quarter.

So there is still a risk of data transparency and authenticity here Of course, this risk is not very high, it should be quite low Because BDO is a very large and well-known audit company But at this point, USDC is even worse Because USDC is a stable currency strictly supervised by US regulators Americans can't actually use USDT, they can only use USDC In the US, if you want to convert USDT stable currency into legal currency You must first convert USDT into USDC before you can convert it back to legal currency

Then, any assets you hold have certain risk, including cash. Today, Tether is still likely to go bankrupt, although the chance is very small. Or you put USDT in your cold wallet, and your cold wallet may be lost or be harmed. Then you may also put USDT on the exchange. The security of the exchange is also a risk. So if you want to make any transactions or start investing in encrypted currencies,

I would suggest you find a company that is under supervision and has enough funds to prove it's a good company. There is actually a company that has such a company that has a lot of photos and supervision in many countries in the world. It's called Crypto.com. Thank you for sponsoring this video. Crypto.com is a cryptocurrency trading company established in 2016. They are also a few of the few cryptocurrencies trading platforms in the United States that have completely legal and legal cryptocurrencies.

We all know that it's not easy to legally and legally return money in the US. Before the BAN, you were fined a lot in the US. And if you are an American resident, the US dollar cash is stored in Crypto.com and the FDIC $250,000 insurance. From my understanding and research, Crypto.com is very concerned about long-term and sustainable development and legal return.

Because they are not only in the US, but also in the UK and Korea, they have a similar financial trading system. These countries are very strict about financial institutions. It's because they spend a lot of effort to cooperate with local regulators. So Crypto.com has more than 100 million users in 90 countries around the world. And from their website, it seems that there are offices in Taiwan as well. Crypto.com provides very comprehensive services.

They have decentralized trading platforms, DeFi, investment, hedge fund, Wef3 wallet, NFT, and credit card. They have all the services you can think of. They also have 4.7-star reviews on Investopedia. We can see their POR on CoinMarketCap.

There are currently more than $3 billion of assets in public wallets You can also use Mercotree to verify your own assets on their platform at any time It means that the asset encryption currency you have in it is real And it's in their cold storage It's not being used by the platform to make some strange investments This is very important FTX is closed because of this

Crypto.com also has a complete bug bounty system loophole reward if Hike can help them find the system loophole, they will provide rewards In terms of information security, I think Crypto.com is trying to achieve the top of the industry Today, Crypto.com invites me to introduce their EARN program, which is a direct service. This is different from traditional lending services such as Celsius and BlockFi that have been closed before.

Although it's paid to a client as a interest, the earn program of Crypto.com won't lend your assets to other users or make some strange investments. The interest paid to users is mainly from the fee and points generated by their exchanges. Your asset is placed in the cold wallet of Crypto.com.

They have three different time frames for the price. You can choose the period of life. You can take the money out at any time. Or there is a month or three months of time. The longer the time, the higher the interest. And they have their own native token called Kornos. If you also use Kornos,

According to the quantity of your cryptocurrency, the currency strength of your cryptocurrency will also be relatively increased Their EarnProgram currently supports more than 50 types of currency to make you choose This service is most important for Crypto.com to provide a liquidity The behind-the-scenes operation principle of DeFi Staking is also very good Of course, although they will not take the client's assets for lending or other investments, the cryptocurrency is not completely 100% risk-free Because Crypto.com is a centralized trading platform

So they will still have information security financial situation and the risk of encrypted currency market fluctuations So what I just said is not an investment suggestion nor an opening suggestion Just purely share information Before making any investment You have to do your homework Thank you very much for watching this video See you next time