Indeed, I agree with you for the Revolut / Paypal and therefore Robinhood lack of "real crypto" to back their positions. Quite bullish as you say. Concerning USDT, yes we found out it misses some backing but overall I was expecting even less backing.

Concerning BUSD or USDC, they seem fully back which makes the USDT issue kind of irrelevant for the medium-long term as we have alternatives imho.

My fear is the Government crackdown on stablecoin because stablecoin mean they lose control... and they do not like this xD

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