(It's a Bloomberg long-form article that I hope isn't paywalled...)
But either way, check this extract:
"There are now 69 billion Tethers in circulation, 48 billion of them issued this year. That means the company supposedly holds a corresponding $US69 billion ($94 billion) in real money to back the coins
–an amount that would make it one of the 50 largest banks in the US, if it were a US bank and not an unregulated offshore company.
Wow haha.
My question is, how would the collapse of Tether 'destroy' crypto markets?
Right now, isn't Tether nothing more than a crypto-friendly bank used get money into the crypto ecosystem?
It's in there now and not going away, whether Tether collapses or not, right?
Obviously some Tether holders would also hold Bitcoin and be forced to liquidate if Tether went to shit.
But wouldn't that simply flush things out in the short term and be a long-term positive for the space?
Also... wait until the mainstream financial media discovers the concept of algorithmic stablecoins haha!
Going to blow their minds.
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