A recent X post by crypto analyst Deso has shaken the foundations of Tether (USDT), the world’s leading stablecoin. His accusations suggest that Tether may not be fully backed by real US dollars, instead relying on borrowed funds and intricate financial structures that could destabilize the entire cryptocurrency market. Deso believes firms like Abraxas, Cumberland, and Wintermute are using borrowed money to purchase USDT, converting it into crypto assets such as Bitcoin, then selling these assets for dollars. This creates a continuous loop, potentially fueling instability if demand or price drops. His analysis suggests this system is reminiscent of a Ponzi scheme if the market shifts.