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Tether says its reserves are  backed by cash to the tune of . . .  2.9%

Summary:
Sooooo remember Tether? The last time we wrote about the “dollar-backed” stablecoin around these parts was back in February, after the New York District Attorney’s office decided to suspend the company — and sister crypto exchange Bitfinex — and fined them .5m in a settlement because of their “illegal activities” in the state. That was, you might recall, on the basis that the companies had deceived the market by overstating their reserves, and by covering up approximately 0m in losses. You might have thought all this would have some kind of negative impact on Tether — which is pegged to the dollar — or even the wider crypto market, given how much crypto trading is done via Tether. But no, don’t be silly this is CREEPTO!! Since the settlement in February, when Tether

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Sooooo remember Tether? The last time we wrote about the “dollar-backed”...

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FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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