A stablecoin — a digital cryptocurrency backed with real-world assets — with ties to a Mighty Ducks star and the co-creator of Inspector Gadget has found its way to the centre of the global cryptocurrency trade.
Crypto giant Tether says each of its coins is backed by one U.S. dollar, keeping its value consistent even in the volatile crypto market. But there are now 69 billion coins in circulation — and the company has little to say about where the supposed billions of dollars propping up the currency’s value might be.
Today on Front Burner, Bloomberg reporter Zeke Faux walks us through his search for Tether’s billions, and tells us what it could mean for our wider financial systems if the crypto giant comes up short.
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