I really think people are making a bigger deal out of tether than it really is. Yes as of right now some tether maybe not be backed. But if worse comes to worse bitfinex just has to ask another exchange for some funds. All major exchanges use USDT as a trading pair, I have no doubt if bitfinex asked CZ or KuCoin for a loan they wouldn’t hesitate.

If USDT fails all these big exchanges take a big L. I really don’t think they would sit back and let that happen. Bitfinex gets a subpoena for an audit of their books and they don’t have the funds? They literally just need to ask CZ for a temporary loan.

Yeah this dosent fix the fact that the money they are claiming they have isn’t there. But the downfall of tether is a battle that the big exchanges and their friends won’t let happen. If it does I believe it will be a very very slow process. All this USDT being sold off is just a product of the UST debacle and I honestly can’t see it having any real ramifications.