A couple of weeks ago we flagged how Tether’s ballooning issuance of dollar-lookalike crypto liabilities was fueling internet speculation that much of Bitcoin’s recent rally could be related to these tokens being unbacked by real dollars.Tether is an affiliate of Bitfinex, one of world’s most liquid crypto exchanges, with the two groups sharing key dollar banking relationships. In recent months, the companies’ banking relationships have become strained due to a loss of correspondent banking relationships in the US, which have frozen retail dollar deposits. Bitfinex/Tether claim to have worked out temporary arrangements that allow high-value customers to continue to deposit and redeem dollar balances, even while average retail customers cannot.In a bid to quench speculation about the
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A couple of weeks ago we flagged how Tether’s ballooning issuance of dollar-lookalike crypto...