I've been writing about the risks of Tether for the last few months. Earlier today, Tether confirmed that they have burned $500 Million USD worth of its "Stablecoin" dropping the supply by 20% to around $2 Billion USD as holders have sold off or traded their coins for BTC or other Stablecoin options.
You can view the transaction "on-chain" Here but I've included a screensnapshot below.
Until Tether takes steps to prove they have the USD deposits to back the coin, IMO this is a trend that is going to continue. Why would you continue to hold fiat value in an unbacked, unregulated, unaudited cryptocurrency that has had a history of problems? They are so many smart Contract based options that are superior to Tether. bitUSD on the Bitshares DEX and True USD on Binance are my personal choices although until Binance opens their DEX in Q4 or Q1 2019, I still prefer decentralized options like bitUSD over coins like Binance's True USD.
I just don't trust anyone in Crypto to hold my assets for very long when I can just hold my own tokens.
Tether still hasn't returned to par with the Dollar and is back to only a 2.5% discount to the USD. It has recovered more than I expected but this story isn't over and its proven its not "Stable".
Their market cap has also been updated on https://www.coinmarketcap.com
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