Both Sides of the Tether Debate: is the Crypto Market Vulnerable to Implosion?19.17

Traders, investors, analysts, and journalists in the crypto sector engaged in an intense debate about USD-backed stablecoin Tether (USDT) this week, pondering on the legitimacy and regulatory state of the asset.

A large portion of the cryptocurrency sector has expressed a negative stance on the stablecoin, citing the lack of regular audits that were promised in the whitepaper of Tether. Some, including billionaire investor Mike Novogratz, stated that Tether is backed by the US dollar and it is difficult for crypto projects to secure complete audits from major accounting firms.

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