Breaking: Tether Investigation Reveals Use of Fraudulent Documents and Obscured Identities to Open Bank Accounts
Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal.
USDT’s value is pegged to the US dollar and backed 1:1 with US dollar/liquid equivalents, Tether claims. USDT is the largest stablecoin by market capitalization, with $71.124 billion tokens currently in circulation.
Tether’s trading volumes are typically in the region of Bitcoin and Ether combined. According to CoinMarketCap, USDT saw $37.239 billion in trading volumes in the past 24 hours, versus Bitcoin’s $25.65 billion and Ether’s $9.7 billion.
