It started as a scam (they didn't have the reserves they claimed to have), a money laundering machine and pretty much everything illegal you can imagine, and look at it now - there is a high probability they actually do have reserves now. Hell, the guy who helped them gain the access to the US financial system is now Secretary of Commerce !
For reference: Circle (USDC) has about 74B market cap and is valued at 30B. Tether (USDT) has about 172B market cap and is about to be valued at 500B. I get that Tether is the market leader and all, but that valuation is totally nuts
It started as a scam (they didn't have the reserves they claimed to have), a money laundering machine and pretty much everything illegal you can imagine, and look at it now - there is a high probability they actually do have reserves now. Hell, the guy who helped them gain the access to the US financial system is now Secretary of Commerce !