Okay, so we all know Tether is dogshit based on lies and run by con men. In all likelihood, it will eventually implode. They'll want to exit at some point, and not sure how they're going to do that without it imploding.
So... How can money be made from this event?
USDC seems a lot more legitimate as a stable coin. Visa seem to be okay working with them, and having worked with Visa they do a ton of due diligence. On top of that, Circle release independent reports from an accountant in NYC verifying they hold the cash they claim to.
So, on the face of it, USDC is legit and actually backed. So 1 USDC should always be $1.
However, in the event of Tether imploding the liquidity will dry up super fast. Tether is basically the backbone of liquidity in the crypto space.
But bam, Tether becomes worthless... What do all the people holding shitcoins on sketchy exchanges that only operate using stablecoins do?
The markets crashing, they need to cash out ASAP. They'll try buying Bitcoin, but will probably quickly buy all the Bitcoin on offer.
So then they'll flood into stable coins.
I think this will mean the price of a USDC will rise above $1, and probably by a fair bit.
So, could simply sitting some money in USDC net some decent profits while being relatively risk free?
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