USDT vs Banks

A few friends of mine, who work in finance were talking about how USDT is not transparent, may have deceived around its collateral, is running a quasi bank without a license, etc. All of this may be true.

But USDT also has a lot of advantages: There is no need to go through a complicated onboarding and KYC process, to go through compliance, etc. Transactions are much faster and cheaper. There are no account management fees, you don't need to maintain a relationship with staff and make sure the bank still likes you. You can do them at any time of the day, any day of the week.

A normal bank may still have some advantages. The risk of losing money or the whole thing getting shut down are obviously lower. But even so, USDT as a product is superior to a bank account in many ways.