Tether Partly Backed by Bitcoin, Court Transcription Reveals

n nn nn Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.This revelation is the latest in legal proceedings between the New York Attorney General NYAG and Bitfinex, a leading cryptocurrency exchange which sha
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