08.13.18
The Mystery Behind Tether, the Crypto World’s Digital Dollar
by: Paul Vigna; Steven Russolillo
Digital currency Tether’s market value has risen steadily over the past 18 months, to $2.4 billion from about $10 million at the beginning of 2017, yet the company has never produced an audit showing it has the purported reserves of hard currency to back its cryptocoins. Tether has become a key source of liquidity. At times this summer, it has represented as much as 80 percent of bitcoin trading volume. The SEC recently singled out tether in its rejection of a proposed bitcoin-based ETF, citing studies that raised the possibility that the digital currency is being used to manipulate the bitcoin market.
Read the full article on Wall Street Journal