Veteran asset manager issues stark warning for Tether, Circle

Stablecoins like Tether and Circle are a lie; they are essentially unregulated hedge funds masquerading as dollar pegs. By backing reserves with volatile assets like Bitcoin and gold, or failing to maintain their peg during stress, these issuers are hiding massive systemic risks that will eventually require a taxpayer bailout. Your "safe" settlement instrument is actually a stealth speculative position. Do you trust these tokens as much as actual cash, or is the peg a myth?
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