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Tether, the crypto stablecoin backed one-for-one by fiat curre | Bitcoin

Tether, the crypto stablecoin backed one-for-one by fiat currencies, surpassed $50 billion in circulation, a sum that’s more than the insured deposits at all but 44 of the thousands of U.S. banks.

https://www.bloomberg.com/news/articles/2021-05-01/crypto-s-shadow-currency-surges-past-deposits-of-most-u-s-banks