The stablecoin giant Tether announced a service that lets users deposit a surplus of its existing gold-backed token, XAUT, in order to "mint" a new type of $1 stablecoin called a USDT. Got that? If not, you can watch a 40-second video the company posted on X that shows an A-for-Alloy symbol spinning around a bar of gold, a marble figure on a laptop, and an oily voice whose closing pitch is, "Let's redefine the concept of stability together."
I guess "redefining stability together" is one way to put it. Another is to say "come along as Tether adds new layers of synthetic assets to its black box of an operation and hope for the best." I don't know about you, but this makes me nervous.
