If USDT – the most widely traded digital token in crypto -- stumbles, the risk of broader turmoil across already troubled crypto markets could rise significantly.
is not the most valuable cryptocurrency or the most likely to make you rich. Tether simply promises that if you give it $US1 , it’ll give you a coin that will almost always be worth $US1.
FTX founder Sam Bankman-Fried in New York last week, where he was released on conditional bail. FTX’s collapse continues to reverberate throughout the cryptocurrencies sector.As part of a 2021 settlement with the New York Attorney General, which included allegations that Tether lied about its reserves in the past, these attestations are now filed quarterly. That deal saw Tether and its sister crypto exchange Bitfinex fined $US18.
If people start to feel less confident in Tether’s ability to make good on that promise during times of market stress, USDT’s peg to the dollar can erode and leave the cryptocurrency vulnerable to runs. If it’s in trouble, USDT being worth more or less than a dollar for too long would start to impact both how people trade in crypto on a regular basis, and the treasuries of the many crypto companies and projects that use USDT holdings like a regular bank balance.
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