A recent critical tweet read:  Tether has always had an aura of Trumpian invincibility. Hey, look at all these bad things we do. But we’re getting away with it. We’re bigger than PayPal! In this post, I dispel the myth of Teflon Tether and show how its dominance is eroding.

For those who do not understand the meaning of Trumpian invincibility, it is important to recollect Former President of the United States, Donald Trump who exhibited the quality of being too powerful to be defeated or overcome and therefore the term – Trumpian invincibility.

In simple terms, John Paul Koning implies that Tether has an aura of overconfidence.

In the concerned blog post, John Paul Koning points to why he has been focusing so much of his time on Tether stablecoins.

In response to the critical tweet one of the users stated:  The reaction from the maxis to the NYAG report on Tether felt a lot like Trump’s reaction to the Mueller Report: total exoneration! Tether was an innocent victim this whole time. Now we can move on past the FUD.

For clarity, exoneration means the action of formally saying that somebody does not have to take responsibility for something like blame and vindication.

Those who love Tether are obviously defending the “overconfidence of Tether”

John Paul Koning has called Tether, a bigger and badder PayPal. 

He has also pointed to how, among stablecoins, attestations have become industry standard. He has also clarified stating, an independent accountant is engaged to verify that the stablecoin has the reserves that it claims per accepted standard for carrying out attestations.

Auditing is a method to instil confidence in stable coin users, therefore assuring that the stablecoin is safe to use.

Reportedly, TrueUSD has real-time attestations.  USD Coin, Paxos Standard, Gemini Dollar, Binance USD, and HUSD has monthly attestations.  And, Tether as a stablecoin does not provide attestations.

So left wondering, Tether, the laggard, has broken with industry standards. How is the public supposed to verify the quality of Tether’s reserves without a qualified independent opinion?

While it is natural for supporters to grow offensive, it helps for newcomers in investing to understand regulated stablecoin, what stablecoins to accept and about eligible securities. It is only important to understand consumer financial protection, supervised payments, extra layer of financial protection, regulated jurisdictions, and unregulated jurisdictions and more.

Finally, concludes stating that isn’t to say that Tether isn’t safe for consumers to use. Over the course of history, there have been many well-run financial institutions that have not operated under a specific financial regulatory framework.