By  Kyle Calvert

• Tether’s crypto dominance has sparked fears of a collapse bigger than FTX.
• Critics have questioned Tether’s opaque reserves backing its $119B USDT supply.
• Analysts have warned that a liquidity crisis will loom without proper third-party audits.

Tether, the behemoth behind the USDT stablecoin, is once again under the microscope as concerns mount over its transparency and stability. With a staggering 75% share of the stablecoin market and a $119 billion market cap, Tether’s dominance in crypto is undeniable.

So are the growing warnings from analysts who see trouble brewing beneath the surface. Justin Bons, founder of Cyber Capital, is one of the loudest voices raising the alarm. In a scathing post on X (formerly Twitter), Bons claimed the company could pose an even bigger threat to crypto than FTX.
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