We still have not learned much.

I have been in crypto for 8 years and the same fears about Tether appear again and again. In the early days most of that criticism came from regulators, gold promoters and traditional finance voices who never believed in Bitcoin or the idea of decentralisation.

The past 24 hours feel different. This time the fear is coming from inside our own industry. Competitors and investors in rival stablecoins seem eager to see @Tether_to fail. I do not see what they hope to gain. A collapse would trigger billions in liquidations and the kind of human damage we have already seen in recent events. Some may believe users would simply move to their preferred stablecoin whether USDC or USDE. The reality is that if Tether goes down trust goes with it and traditional investors will not return to an ecosystem that destroys its own foundation.

After the 10/10 event we are already close to the edge. Billions were wiped out and many traditional players stepped back. Another shock to stablecoin trust would only push them further away.

It is also worth stating what the historical data shows. $USDT is the only major stablecoin that has not remained depegged long enough to trigger mass liquidations across the entire market. $USDC, $BUSD and even $USDE have all experienced depegs that strained the system.

#Tether has had brief volatility like every asset but it has never stayed below peg long enough to break the market.

And remember this as well. Outside of Bitcoin, no cryptocurrency has faced more sustained fear and doubt than USDT. Yet it continued to hold its ground. It remained the backbone of market liquidity and became one of the most consistently profitable entities in the entire industry despite years of pressure.

And do not forget who is driving the latest fear. These are not outsiders. They are people from inside the industry with active products and agendas. From @0xrwu of $TNSR and whatever other projects he is associated with to voices like @CryptoHayes and his mad obsession to @ethena_labs ... Make note of who is adding pressure at a moment when the industry cannot afford more internal sabotage. Man I like Arthur Hayes tbh, but some things are unforgivable. There’s many. Note them down and remember.

This space is a large ocean and there is room for everyone to grow if we choose cooperation over destruction. The sooner we understand that the better it is for all of us.