Reports from the Central Bank of the Bahamas indicate that Tether Ltd. may have never deposited funds into the country. These findings could suggest that Tether may be holding their reserves elsewhere, or not have any reserves at all. In either case, the results could be catastrophic for the cryptocurrency markets.
Investors have become increasingly concerned about Tether’s stability. Tether underpins billions of dollars of value in the cryptocurrency markets through its widely used USDT, a cryptocurrency that is allegedly backed one-to-one by U.S. dollars.