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Is Tether possibly a scam?

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Tether (USDT) is a stablecoin with a claimed value where 1 USDT equals 1 US dollar. Tether Limited, the centralized authority of USDT, has the ability to print tether and therefore is claiming to print something equivalent to US dollars. Tether is not a central bank, bank or regulated in any way by any country other than British Virgin Islands.

Tethers are not backed by USD. As of March/2021, only a few percentage points of its tethers were backed by cash or equivalents (e.g. cash and treasury bills) as seen below. The value of reserves like commercial papers can not be evaluated without more transparency and an audit.

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The organization is misleading. The CTO claims that they provided data on backing of Tether due to demands from the crypto community. However, this disclosure came about most probably because they are required by NY Attorney General to increase their transparency.

The organization is opaque. The breakdown it provides regarding how it backs its currency is an unaudited pie chart with no details on any of the assets involved.

Tether executives are facing a criminal probe into their actions in the initial days of the currency.

Source: https://research.aimultiple.com/tether

What's your opinion.is Tether going to collapse soon or it's too big to fail?

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