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.