William Quigley

So we thought that was, that didn't make sense.

So we toyed with a lot of ways to have a stable token, a token that was stable vis-a-vis the dollar.

And eventually we arrived at the best method, still the best method, which is the Tether way of doing it.

Because there's multiple ways you can have a, quote, stable coin.

Some of the bad ways have ended in disaster for people.

But the way we did it at Tether was the best.

You deposit a dollar, you get a Tether.

You redeem the tether, you get a dollar.

There is no peg.

That was the critical part that we got right.

Never establish a peg because that will lead you to ruin.

So in our view, pegs were awful.

We don't care what you trade it for.

If you're stupid, you will trade it for less than a dollar because it is worth and redeemable for a dollar.

But it didn't realize how few people understood that aspect of Tether until Luna collapsed.

And people thought Tether and Luna had the same mechanism, which was not just wrong, insulting.

And then eventually people started to realize that Tether has a different collateral mechanism than these other junk stablecoins.

Yes.

You know, it's collateralized with a dollar, not collateralized with a shit coin, which is how Luna works.

I would say this to you to be more clear.