Tether FUD spread in full force recently, after $4B hedge fund Fir Tree Capital Management took a significant short position against the stablecoin. The fund believes Tether’s $24B in high-yield commercial paper is set to shrink in value (reducing reserves and potentially breaking USDT’s $1 peg), given its ties to Chinese real estate developers that are laden with debt (marked by the Evergrande default). Concerns about Tether’s reserves are not a new problem, by any means. Investors have long...