Having never been particularly interested in stablecoins, I found these explanations of the differences between Tether (USD-based) and Ethena (Eth-based) quite fascinating. Also the background about the Fed system might be quite insightful for the uninitiated, like me: "While the correspondent banks tolerate these fiat flows tied to crypto businesses, for whatever reason, sometimes certain crypto clients are offboarded from the smaller banks at the behest of the correspondent bank. If the smaller bank doesn’t comply, they lose their correspondent banking relationship along with the ability to move dollars internationally."
Agreed, while a lot of the article was shilling Athena, the part about how Tether basically arbs the Fed etc was really insightful