The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but it is utter nonsense.

Just yesterday tether printed another billion usdt.

They were openly proven to have only 3% of their currency backed by USD by the NY AG but everyone just ignores that judgement.

They never held under audit, have proven to not be backed by USD and refuse to disclose their holdings. Their CFO is an Italian surgeon who sold pirated copies of Windows.

When eventually that falls, the entire space I figure will implode.