Tether

“So of the two hundred billion, about a hundred and fifty billion are fiat backed stable coins. The largest one is Tether. The second largest one is USDC, and then there are longer tail of others.”

“So if you own USDT, you're taking tether counterparty risk. How do you price that? What return do you need to earn to make that worth your while? If you own USDC, you're taking kind of circle counterparty risk, and you're making a bet on their risk management.…”

“And now it's just which chain does USDC and Tether go to? Because they can't duplicate the offline reserves. When the chain forks, they really are going to determine the real chain.”

“I was just talking to someone who runs one of the larger stablecoin infrastructure companies, and he said that the average dollar value is under a hundred dollars. There's a lot of data, much of it is peer to peer, and there's a lot of anecdotes and data that …”

“If you look at Tether, last year they made over ten billion dollars of profit with a small team.”

“Tether alone was the seventh largest buyer of treasuries in the past year.”