In the speculative and volatile universe of cryptocurrencies, stablecoins appear to offer an attractive proposition: Their value pegs to an underlying asset, such as the US dollar or a basket of securities. Tether is the most recognized stablecoin, with one Tether purportedly backed by one US dollar. But detractors are not convinced. In this intriguing narrative, journalist Zeke Faux investigates Tether and its somewhat shady valuation dynamics. Investors, regulators and cryptocurrency holders might find some valuable clues here to the mystery of Tether.
About the Author
Zeke Faux is an investigative reporter for Bloomberg News and Businessweek.