How can they mint an unlimited amount of USDT Tether and pump other cryptocurrency like Bitcoin, etc.? Is it really backed by USD or is it all smoke and mirrors?

Its not a ‘smoke and mirrors’ but a bubble.

The total crypto market capitalization is more than 2 trillion in ‘stable coin’ dollars.

On the other hand the total amount of fiat/paper currency collected by people entering the crypto market is less than $100billion.

While crypto holders may enjoy the big and growing valuation of their holdings in ‘stable coin’ dollars they may not be able to cash it out in fiat/paper dollars.

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