After the terra
terra Blockchain Network 
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The collapse of TerraUSD, one of the biggest stablecoins in the world, sent ripples across the cryptocurrency market, driving Tether, another significant stablecoin, below its dollar peg and driving Bitcoin to 16-month lows.
What is going on with ‘Tether’?
One can find out who is behind the project by contributing to Tether’s stockpile. Silvergate and Signature are two significant U.S. banks that provide services to the digital economy and link cryptocurrencies to the world of fiat currency. Signature experienced significant capital inflows over the last two years, with total deposits in the 2020–2022 timeframe surpassing $260 billion.
A similar situation exists with Silvergate, which claims in its own documentation that it operates primarily in the cryptocurrency field and has little to no engagement in the retail market, meaning deposits to the bank should only come from one source.
The comparison between total deposits and Tether’s historical market value is the most fascinating portion. The analyst notes in the table that the market capitalization of the stablecoin offered to correspond exactly to the sum of the deposits held by the two institutions.
Given the range of deposits held by different banks, such a link cannot be a coincidence. The same amount of deposits and Tether market capitalization may have been attained in a single quarter or even a single year, but 10 consecutive quarters is a pattern we cannot ignore.
The analyst points out that while this fact does not imply that Tether is completely developed and secure to use, it does reveal the real purpose of the project and the types of banks that support it.
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