A tether fork call it 'tether2' can be 'backed by tether', with the same legal setup (wyoming msb state license according to fincen, which isn't real since wyoming exempts them). The issuer of tether2 would accept 1 tether for one new tether2. This issuer would immediately sell tether to get real dollars on an exchange like Kraken while liquidity exists - usdt/usd pair, which is the only real way to redeem tether, unless you directly deal with tether(which mean you better be located in wyoming). When redeeming the tether2 ppl can either get back tether or optionally 1 real us dollar. So you effectively have front run the inevitable tether bank run. Sure they have to put trust in this new tether fork. You can steal tether's customers that are worried and since the feds seem to have a blind eye towards a company that isn't a bank and is most likely practicing fractional reserve lending, you let the free market 'regulate' tether.
since you can always buy tether for a us dollar, but you may not be able to sell tether for a dollar there is no risk of selling tethers for real dollars.
Also what happened to the tether issued on bitcoin cash blockchain through omni after the fork of bitcoin?
A tether fork call it 'tether2' can be 'backed by tether', with the same legal setup (wyoming msb state license according to fincen, which isn't real since wyoming exempts them). The issuer of tether2 would accept 1 tether for one new tether2. This issuer would immediately sell tether to get real dollars on an exchange like Kraken while liquidity exists - usdt/usd pair, which is the only real way to redeem tether, unless you directly deal with tether(which mean you better be located in wyoming). When redeeming the tether2 ppl can either get back tether or optionally 1 real us dollar. So you effectively have front run the inevitable tether bank run. Sure they have to put trust in this new tether fork. You can steal tether's customers that are worried and since the feds seem to have a blind eye towards a company that isn't a bank and is most likely practicing fractional reserve lending, you let the free market 'regulate' tether. since you can always buy tether for a us dollar, but you may not be able to sell tether for a dollar there is no risk of selling tethers for real dollars.
Also what happened to the tether issued on bitcoin cash blockchain through omni after the fork of bitcoin?