Tether pays out $10bn in withdrawals since start of crypto crash
by Alex Hern Technology editor from Technology | The Guardian on (#5ZHCZ)
Pace of withdrawals in May means stablecoin' company effectively dealing with slow-motion bank run
Tether, the multibillion dollar stablecoin" that functions as the largest bank in the cryptocurrency economy, has paid out $10bn (8bn) in withdrawals since the crypto crash started in early May.
The pace of withdrawals means the company is effectively dealing with a slow-motion bank run, as depositors seek to move their cash to more heavily regulated stablecoins.
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