Crypto’s ‘Too Big to Fail’ Token Tether Faces New Threat From US
(Bloomberg) — Of all the legal actions taken against cryptocurrency companies by US regulators and prosecutors over the past year, arguably none threatens to shake up the digital-asset industry as much as a potential crackdown on Tether Holdings Ltd.
Most Read from Bloomberg
Tether is the issuer of a namesake token known as USDT, designed to be a digital substitute for the US dollar, with a market capitalization of about $12O billion. It ranks as the third-biggest cryptocurrency by value, and is the most-traded token on a daily basis due to its role as a stand-in for the dollar in markets where traders aren’t able to use traditional currencies for transactions.
“For the crypto industry and crypto writ large, I do think Tether…
