Part 10/16:
Livingston sketches a four-phase strategic roadmap toward transitioning Tether from a dollar-pegged stablecoin to a Bitcoin-backed monetary system:
Collateral Reweighting — Increase Bitcoin’s share of reserves from 4% toward double digits, with transparent target ranges.
Dual Redemption Options — Allow large holders to redeem either dollars or Bitcoin based on real-time prices.
Peg Flip — When Bitcoin's reserve share exceeds 50%, the market begins to price USDT as a wrapped Satoshi, shifting the unit of account from dollars to Bitcoin.
Total Transition — A future where the peg to fiat disappears entirely, replaced by a 100% Bitcoin-backed USDT, creating a hard, instant settlement platform independent of traditional fiat systems.