Questions about the influence of Tether continue to swirl in cryptocurrency markets, even as the companies behind it defend the so-called stablecoin’s soundness.
Tether, whose backers say is equivalent one-to-one to the dollar, is used in transactions to move between cryptocurrencies and fiat money. Traders also often use the token as a place to park funds at times of high volatility, and many consumers in China use it to enter the digital-asset markets. It has a market capitalization of about $34 billion, according to CoinGecko -- but in a sign of how much it’s used in the system, the 24-hour trading volume on Friday was about $107 billion.
