Oh my god, Tether (USDT) – the "king of stablecoins" with a massive market cap of over $150 billion – is still a ticking time bomb in the crypto world! Since 2021, the CFTC has fined Tether $41 million for lying about its reserves: not always fully backed by fiat, but mixed in with bad debt and non-fiat assets. By 2025-2026, accusations of Bitcoin price manipulation are still circulating, the SEC/CFTC are still lurking, not to mention the EU's tightening MiCA regulations forcing Tether to scramble to avoid the regulatory hammer. And now, Plasma (XPL) – a Layer 1 "stablecoin specialist" – is being strongly backed by Bitfinex (Tether's sister company)? Could this be a "tool" for Tether to expand its empire and offload risk onto its own chain?
Just look at the horrific XPL dump in 2025: from a peak of 
$1.67, it plummeted to $0.18-$0.20, with volatility like a rollercoaster! Accusations of insider trading surfaced: a team sold off 600-800 million XPL via TWAP dumping, and whale movements on-chain were clearly visible. Founder Paul Faecks vehemently denied it: "The team tokens were locked for 3 years, we didn't sell a single one!" But the community grumbled: links to Blast/Blur – controversial projects full of rug pull vibes – and Wintermute (though denied) raised suspicions. Plasma claims to be "neutral" with Bitcoin-secured, zero-fee USDT transfers, but without Tether pumping $2 billion in liquidity, is this chain just a "walking corpse"?
Crypto Ethics Debate: Is Plasma truly neutral, or just a "shield" for Tether to avoid scrutiny, shifting the risk of depegging or lawsuits onto users? If MiCA crushes USDT, will XPL collapse like dominoes? Or is this a masterplan to turn stablecoins into the "backbone" of the trillion-dollar economy?
What do you think – hero or villain? Comment below, this drama is heating up! @Plasma #Plasma $XPL
