The whole Tether thing still boggles my mind. There is some good hypothesizing at the end of this article as to why Tether peg still holds — either Bitfinex is actively propping Tethers (I believe it), or people just don't care because its convenient. Seems like the latter part could change quickly with the availability of multiple other stable coins with more transparent backing. 🤔

New development: according to their lawyers, Tether is only 74% backed by dollars [https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20](https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20)

This is a good site to watch for developments — risk premium people are paying on non-fiat exchanges to get out of their Tether positions [http://www.untether.space/](http://www.untether.space/)