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212 - Tether CEO on Their $100B Stablecoin ($USDT)
Bankless
Banking Relationships and Stablecoins
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In 2022, USDC faced instability when it dropped to 90 cents due to issues with its underlying banking system. To resolve this, USDC upgraded their banking relationships with one of the top banks in the US, bringing comfort back to the market. On the other hand, Tether is also under scrutiny for its banking relationships and asset custody. Despite the significant redemption challenges faced by Tether in redeeming $7 billion in 48 hours and $20 billion in 25 days, they were able to manage it.
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