$usdtshit is the most stable shitcoin on Solana. One dollar, give or take everything. Reserves located somewhere. Audited (allegedly) by Steve, my cousin, who is "looking into it" since 2017. Stable. Allegedly.
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Most stablecoins bury their disclaimers on page 47 of a PDF nobody reads. We put ours on the front page. Honest stablecoin. $1.00, asterisks attached.
$usdtshit maintains a 1:1 peg with the U.S. dollar. The peg may, occasionally, be 1:0.04. The peg may also be 1:1.18. The peg has never been 1:1, but on average, mathematically, it sort of is.
Every $usdtshit is fully backed by U.S. Treasuries, cash, commercial paper, Bitcoin (on Mt. Gox), promises, and other assets we'd rather not specify. The exact ratio is "favorable."
We are audited by Steve, my cousin. Steve does not work in finance. Steve has confirmed everything is fine. Steve is currently on vacation. We will follow up with Steve when he returns.
You can redeem your $usdtshit for $1.00 at any time. The redemption process takes between 5 minutes and 7 years. Some redemptions are pending since 2014. The redemption desk is closed today.
Our reserves are real. They exist in a physical location. We have, at this time, lost the address. Steve has the address but Steve is on vacation. The reserves are real. We just can't show you them right now.
We publish a quarterly attestation. The attestation is one paragraph. The paragraph says "everything is fine, trust us, we are auditing it ourselves now." The attestation has not been updated since Q3 2017.
Every $usdtshit is, in spirit, a one-dollar bill. We have designed an official note for the spirit. It comes with engraved guilloché security pattern, microprint along the edges that says TRUSTMEBROTRUSTMEBRO repeated infinitely, and a portrait of Mr. Tether McShitcoin.
"THIS NOTE PROMISES TO PAY THE BEARER, ON DEMAND,
ONE U.S. DOLLAR ($1.00) plus or minus everything,
subject to availability, peg conditions, regulatory
weather, founder's mood, and reserves we are
right now actively trying to locate."
The DE-PEGGED stamp is permanent. We tried to remove it. It came back darker. The stamp now believes it is the note.
Where a real bill has the Lincoln Memorial, this one has a chart of our peg history. The chart starts at $1.00 and stays there for a while. Then there is an event. Then it does not stay there.
The arrow on the chart points to the de-peg event. We added it for context. For context, we de-pegged.
Every regulated financial product comes with three things: a label, a receipt, and an ATM error. We have all three.
The audit was performed by Steve, my cousin. The spreadsheet shows our stated reserves alongside our actual reserves. The stated column reads $110.0B. The actual column reads $0.04.
Steve has reviewed the discrepancy. Steve has confirmed everything is fine. Steve has stamped the document AUDITED. Steve is now on a 6-month vacation. Steve is not reachable by email.
The cousin's couch column does, in fairness, reconcile at 100%. We feel that's worth noting. The couch is solid. The couch is backed.
Peg drops to $0.97 for 8 hours. We issue a press release: "everything is fine." The press release is also signed by Steve. The peg returns. Trust restored.
Peg drops to $0.84 for 3 days. We pause redemptions "to upgrade the system." The system was upgraded with a new logo. The logo says STABLE. The peg returns.
Peg drops to $0.41 for one weekend. We blame "market conditions" and "Russia." The peg returns by Monday. Three regulators ask questions. Steve answers all of them.
Peg drops to $0.13 for two weeks. We rebrand the dip as "Reserve Stress Testing Mode." The mode passes. We give ourselves a stability award at our own gala.
Peg vanishes entirely for 6 hours. The chart shows a single vertical line going down. We refer to this as a "data visualization issue." Steve is consulted. Peg returns.
Peg currently at $0.04 ± $0.04. Audit pending. Steve on vacation. Press release scheduled for Q4. We remain confident in the long-term stability of the protocol.
tried to redeem 100 $usdtshit for 100 dollars. got back 4 dollars and a handwritten note that says "we'll get you the rest". the note is signed by steve. unironically holding.
checked the $usdtshit reserves page. it has one entry: "see attestation." the attestation is from 2017. the 2017 attestation says "see reserves page." it's a perfect closed loop. cinema.
I just wanted to confirm that I, Steve, have personally audited $usdtshit and everything is fine. Anyway I'm on vacation, please direct further inquiries to my cousin who runs the project
the wildest part about $usdtshit is that the disclaimers are all on the front page. you don't have to dig. they just hand them to you. transparency theatre but actually transparent. holding.
Drop into Dexscreener. Walk away. Don't ask questions about the reserves. There are no questions. There are no reserves either. Just hold.
token-500.png as the icon.token-100.png as profile (static — no GIFs).token-600x200.png as the banner.hero.jpg — banknote-style hero with portrait.banknote-front.jpg + banknote-back.jpg — full bill.receipt.jpg — itemized fee receipt with barcode.stable-facts.jpg — Nutrition Facts-style label.atm-error.jpg — green CRT ATM error screen.audit.jpg — spreadsheet with red AUDITED stamp.