Dec 17, 2020 18:37 GMTCrypto News
USDT issuer Tether struggles with legal issues.
The cryptocurrency market may be in trouble if the stablecoin goes bust.
Tether, the biggest and the most widely used stablecoin in the market, may prove to be too big to fail. What will happen to the cryptocurrency market if Tether goes broke or gets banned by authorities? How will Tether’s problems affect the bigger market, or will they pass unnoticed as long as Bitcoin is rock solid?
Tether, or USDT, was born to bring more stability to the cryptocurrency market. It is pegged to the US dollar, where one USDT represents one USD. The stablecoin is issued by Hong Kong-based homonymous company Tether, which claims to maintain reserves equal to the number of USDT in circulation.