Stablecoin tether hit with $41 million fine for false claims about its reserves
U.S. · BUSINESS · TECH
October 20, 20213 min read, 659 words

Stablecoin tether hit with $41 million fine for false claims about its reservesStablecoin tether hit with $41 million fine for false claims about its reserves

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Published: October 20, 2021  |  3 min read, 659 words
The US government is cracking down on stablecoins, taking its first major shot on Oct. 15 against Tether. The US Commodities Futures Trading Commission fined the popular stablecoin operator $41 million for allegedly misstating its reserves. Stablecoins are cryptocurrencies pegge...
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Oct 22
A very balanced look into the U.S.'s recent fine of Tether for not having dollars to back all of its tokens at all times. This article does well to present the nuance in the situation, which is essentially that, yes, Tether should be backed by dollars at all times for its customers, but until now that regulation was not clearly defined and yes, banks also do not have 100% of their customers' funds backed in U.S. dollars (they're often invested so the bank can earn yield from the money it's holding).
Oct 22
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