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Crypto’s Shadow Currency Surges Past Deposits of Most U.S. Banks

  • Tether parent is slated to submit holdings report in May
  • Token is the coin of the realm on crypto-only exchanges
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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.

It’s a remarkable milestone for a token that enjoys wide use as a method of payment in the crypto ecosystem, even as the eponymous private company behind it has endured regulatory scrutiny for its opacity on where it holds the enormous sum of reserves that back the token.