{"id":5986,"date":"2020-12-15T11:38:17","date_gmt":"2020-12-15T11:38:17","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5986"},"modified":"2021-01-10T18:33:55","modified_gmt":"2021-01-10T18:33:55","slug":"all-eyes-on-tether","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/12\/15\/all-eyes-on-tether\/","title":{"rendered":"All eyes on tether"},"content":{"rendered":"

For its promoters, it overcomes unfair restrictions on access to the world\u2019s banking system. For critics, it\u2019s the engine of a massive, system-wide fraud. All eyes are on tether, the unregulated digital version of the US dollar.<\/p>\n

\u201cI\u2019ve had a lot of people asking me about tether the last couple of months,\u201d Dan Davies, an expert on financial fraud, told New Money Review<\/em> podcast listeners recently<\/a>.<\/p>\n

First created as a way for cryptocurrency exchanges to exchange money amongst themselves without going through the banking system<\/a>, the volume of tethers in issue has risen over fourfold this year and now exceeds $20bn.<\/p>\n

\"\"<\/p>\n

According to Tether, the legal entity issuing tethers, this reflects rising client demand.<\/p>\n

\u201cTether\u2019s growth in 2020 has been nothing short of spectacular,\u201d Paolo Ardoino, Tether\u2019s CTO, said last month.<\/p>\n

\u201cWe now speak of the tetherisation of trading, with the lion’s share of spot trading volume now denominated in tether. The market has spoken: tether is preeminent. People trust tether and like using crypto\u2019s most liquid, stable and popular stablecoin.\u201d<\/p>\n

\u201cWe now speak of the tetherisation of trading\u201d<\/p><\/blockquote>\n

Some believe tether\u2019s rise to prominence is part of a much bigger shift in the financial markets.<\/p>\n

\u201cWe think there\u2019s a much broader phenomenon occurring here, which is the injection of fiat currency into public blockchains and allowing these representations of dollars and bank accounts to circulate on public blockchains and to settle on them,\u201d Nic Carter, a venture capitalist, said in October<\/a>.<\/p>\n

Traditionally, all US dollar trading has had to be cleared and settled in New York,<\/a> but settling fiat currency transactions on the networks underlying cryptocurrencies like bitcoin\u2014called blockchains\u2014threatens to upend that practice.<\/p>\n

Carter sees similarities between what he calls ‘cryptodollars’, like tether, and eurodollars, a financial innovation of the 1950s.<\/p>\n

\u201cBy tying the settlement assurances of the blockchain with a token that represents an IOU for funds held in a bank account, you get something quite powerful,\u201d Carter told New Money Review<\/em> podcast listeners last month<\/a>.<\/p>\n

\u201cI think we\u2019re just at the beginning of seeing the applications of cryptodollars,” Carter said.<\/p>\n

There\u2019s no doubt that tether plays an important role in supporting the whole cryptocurrency ecosystem.<\/p>\n

According to cryptoasset data firm Kaiko, the bulk of bitcoin trading now takes place using tether as the underlying unit of account, rather than US dollars..<\/p>\n

\"\"<\/p>\n

\u201cSince 2017, many exchanges have de-listed dollar trading pairs due to regulatory restrictions and high withdrawal fees,\u201d said Clara Medalie, a strategist at Kaiko.<\/p>\n

\u201cTether can be used anywhere and is not subject to the same level of scrutiny as transactions involving the US dollar, which is why traders have shifted their preferences, particularly in Asian markets,\u201d said Medalie.<\/p>\n

\u201cTether is one of the easiest on-ramps into cryptocurrency markets and has become more liquid to trade than the dollar,\u201d she said.<\/p>\n

\u201cBut this does not ignore the fact that [tether\/US dollar] transactions still carry their own risk and are coming under increasing regulatory pressure,\u201d said Medalie.<\/p>\n

In early 2019<\/a>, the New York Attorney General launched a lawsuit against Tether and its affiliate, cryptocurrency exchange Bitfinex, alleging fraud.<\/p>\n

\u201cOur investigation has determined that the operators of the Bitfinex trading platform, who also control the tether virtual currency, have engaged in a cover-up to hide the apparent loss of $850m of commingled client and corporate funds,\u201d Letitia James, the Attorney General, said at the time.<\/p>\n

In her lawsuit, James said that Tether had admitted to the authorities that its stablecoins were no more than 74 percent backed by dollars held in bank accounts, contradicting earlier assurances of full backing.<\/p>\n

Prior to February 2019, Tether had said that its tokens were backed one-to-one by traditional currency held in reserve.<\/p>\n

However, in March 2019, Tether changed this disclosure, stating that henceforth tether tokens would be backed by reserves which would include \u2018currency and cash equivalents, including\u2026other assets and receivables from loans made by Tether to third parties, which may include affiliated entities\u2019.<\/p>\n

The case continues to work its way through the US legal system, with the latest deadline\u2014a demand by prosecutors for Tether and Bitfinex to hand over documents\u2014set for mid-January<\/a>.<\/p>\n

But the markets operate on their own timescale.<\/p>\n

According to critics, the reason the volumes of tether in issue have exploded this year is because the quasi-dollar is being used to prop up the bitcoin price and, by extension, the whole cryptocurrency market.<\/p>\n

\u201cTether has become impossible to shut down without ending the entire industry\u201d<\/p><\/blockquote>\n

\u201cTether has now become impossible to shut down without ending the entire industry as we know it,\u201d Bryce Weiner, CEO of peer-to-peer trading platform AltMarket, said at the weekend<\/a>.<\/p>\n

\u201cThe purpose of the crypto industry, and all its little service sub-industries, is to generate a narrative that will maintain and enhance the flow of actual dollars from suckers, and keep the party going,\u201d David Gerard, a long-standing cryptocurrency sceptic, said on Sunday<\/a>.<\/p>\n

\u201cIncreasing quantities of tethers are required to make this happen. We just topped twenty billion alleged dollars\u2019 worth of tethers, sixteen billion of those just since March 2020. If you think this is sustainable, you\u2019re a fool.\u201d<\/p>\n

For those expecting the ongoing US lawsuit to settle the debate over tether, there may be disappointment ahead.<\/p>\n

\u201cIn the past when tether\u2019s operators said they were going to hand documents over, they simply handed over material that was already public information. They also have a long history of shenanigans, so let\u2019s just wait and see,\u201d Amy Castor, a cryptocurrency journalist, said yesterday<\/a>.<\/p>\n

But if tether is a \u2018long firm\u2019 fraud of the type described by Dan Davies in his book, \u2018Lying for Money\u2019, we will probably find out soon enough.<\/p>\n

A long firm involves running up a lot of credit and then defaulting on it.<\/p>\n

According to Davies, those running long firm frauds eventually tire of the effort involved in keeping up pretences and the schemes collapse of their own accord.<\/p>\n

\u201cAlmost all of the fraudsters discussed in [my] book got caught,\u201d said Davies.<\/p>\n

\u201cSome of them enjoyed a high lifestyle before they did. But many of them greeted their inevitable discovery with tears of joy that the whole wretched, stressful business had come to an end.\u201d<\/p>\n

\u201cThe time, effort and commercial acumen that goes into almost any fraud would nearly always have been better spent on doing something productive.\u201d<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

For its promoters, it overcomes unfair restrictions on access to the world\u2019s banking system. For critics, it\u2019s the engine of a massive, system-wide fraud. All eyes are on tether, the […]<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1027,1014],"tags":[1034,1419,1115,1293,1616,1269,1420],"class_list":{"0":"post-5986","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-our-picks","11":"category-payment","12":"tag-bitcoin","13":"tag-bitfinex","14":"tag-coinmetrics","15":"tag-kaiko","16":"tag-letitia-james","17":"tag-nic-carter","18":"tag-tether"},"yoast_head":"\nAll eyes on tether - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/12\/15\/all-eyes-on-tether\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All eyes on tether - New Money Review\" \/>\n<meta property=\"og:description\" content=\"For its promoters, it overcomes unfair restrictions on access to the world\u2019s banking system. 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