What I see from this article is a company that tumbling in setbacks and still survives well by settling risks of legal actions and redeem shortages. I can feel the author tried to accentuate the founder’s potential untrustworthiness by presenting something implying financial crime and fraud, but as @jmcgirk said, “every legitimate person in crypto Faux speaks to seems to back Tether’s claims about their reserves”.
I deed noticed that there is systemic risk exists within these crypto entities, such as the Crypto Capital Corp. incident. But does this affect the traditional financial system that may induce a huge crisis within the global scope? If so, the requirements of stable arrangement in a recent report by BIS may have grounds. This is also what I discussed in the Taming Wildcat post. But if not, as the Faux’ article said, wildcats notes “once fueled frontier cities’ economies”. Sometimes we just need a thing that really fosters a prosperous future. Even though its risk is larger than traditional tools, the benefits may be larger. In the crypto world, stablecoins indeed play this role on a large scale.