Tether is now a currency banker

Tether Updates Website, Says USDT Backed by “Reserves,” Not Just Cash

It offers, nearly equivalent, USDT matched to tax dollars.  That would be competing against JPM and their coin, as well as the XRP.

Thus we have the private sector creating liquid dollars, coining tax money. If they were producing gold coin equivalents, they would be arrested.

One problem is solved:

California is awash in cannabis cash from inside and out of the state, partly because pot remains an illegal drug under federal law, so banks won’t accept cash from the businesses. The state’s black market for cannabis was estimated to be worth $3.7 billion last year — more than four times the size of the legal market, according to the firm New Frontier Data.

Bank with Bitcoin, tether or xrp works fine.