We previously viewed USDC as a safer alternative to Tether (USDT) but it is beginning to look very suspicious and we are not sure that we can trust it (NIA's views do not reflect those of any of our publicly traded Crypto client companies). Yesterday, USDC printed $6.2 billion in "stablecoin" tokens in a single day. In 2021 year-to-date, USDC has printed $16.7 billion in "stablecoin" tokens and currently has $20.62 billion tokens outstanding. In comparison, so far in 2021 year-to-date, USDT has printed $39.3 billion in "stablecoin" tokens and currently has $60.24 billion tokens outstanding.
USDC's tokens outstanding have increased by 426% year-to-date in 2021.
USDT's tokens outstanding have increased by 187.68% year-to-date in 2021.
Speaking of USDT their banking partner Deltec is located in the Bahamas. USDT recently admitted that less than 3% of its USDT tokens are backed by actual cash. Meaning, USDT apparently has $1.8 billion parked at Deltec. This is very unlikely considering it would be equal to 24% of the Bahamas money supply of $7.5 billion and equal to 87.8% of the Central Bank of The Bahamas foreign currency reserves of $2.05 billion!
In our opinion, USDT's recently released reserve disclosure statement is most likely fiction. They are unlikely to have $1.8 billion in USD cash. If USDT is backed by anything it is most likely backed by Bitcoin, which is backed by USDT, which is backed by Bitcoin...
In 2018, NIA's President Gerard Adams posted a 30 minute documentary to his personal YouTube channel called Decentralized Deception. The other two Crypto scams that Gerard exposed in the documentary Bitconnect and John McAfee have already been shutdown. Tether (USDT) which Gerard 100% proved was used to artificially inflate Bitcoin in 2017, did so back then by printing only $1.38 billion in "stablecoin" tokens. Since year-end 2017, USDT has become a 43.65X larger problem for the Crypto market! Combined with USDC, the total problem of fractional reserve stablecoins is potentially 57.59X larger than year-end 2017!
USDT is still the far larger threat because it accounts for the overwhelming majority of Crypto trading volume!
If you didn't see Decentralized Deception in 2018, NIA recently cut it down to a 9 minute version focused entirely on USDT (Tether) and the original Mt Gox Willy Bot that gave Bitfinex the idea to create Tether for the purpose of driving Bitcoin to above $10,000. What happened to Bitcoin in 2020/2021 has been an exact repeat of 2017 but with Tether printing being orders of magnitude larger! To watch NIA's 9 minute video showing exactly how Bitfinex's Tether manipulates the Crypto market click here!