Tether Holdings Ltd. released the most-detailed version yet of the assets backing its widely used digital currency, seeking to address regulator concerns that it hasn’t in the past disclosed enough about the currency’s underpinnings.
Tether is a stablecoin, a specific type of cryptocurrency designed to mimic the value of the U.S. dollar. Its use has exploded in recent years and is the third most widely held cryptocurrency after bitcoin and ether. Traders use tether to get in and out of other cryptocurrencies because of its ease of use and quick transaction times. Trading directly between the dollar and digital currencies often involves high transaction costs and delays in processing.
Roughly half of Tether’s $62.8 billion in assets were held in commercial paper and certificates of deposit,
Do the entire US Banking System next