This is the most comprehensive podcast about the past and present of USDT. We talked about its mysterious origin, its subtle relationship with the Trump Cabinet, and various conspiracy theories. Tether has created the most original and unique business model in the currency circle, and created a perfect triangle: a capital network with extremely strong network effect, zero capital cost at the liability side, and optimal treasury bond asset allocation. China's strong regulation is the primary driving force behind its rise. It is also the biggest beneficiary of regulatory arbitrage in multiple regions.