Tuesday , October 17 2017
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Tether’s “transparency update” is out

Summary:
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...

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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