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Stablecoins Could Reshape Short-Term Debt Markets, Fitch Says

  • Tokens claiming 1-1 conversion to fiat currencies are growing
  • Scrutiny intensifying on how such stablecoins manage reserves
Tether is widely used to trade Bitcoin and other tokens.
Tether is widely used to trade Bitcoin and other tokens.Photographer: Tiffany Hagler-Geard/Bloomberg
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The rapid growth of stablecoins like Tether is exerting an ever-greater impact on short-term securities markets such as commercial paper, according to Fitch Ratings.