While Tether enjoys a reputation as one of the most ‘useful’ assets in the world of crypto today, it has a long and sinister backstory, pockmarked by fraud, conspiracy and all flavours of criminal activity.

Even if you’re not invested in Tether, or you’ve never used it, you’re still exposed to the fallout of a Tether implosion. This is because it’s quite literally the central nervous system of liquidity in crypto markets. It is the ultimate intermediary in which all crypto trades can be made through and it’s also the largest cryptocurrency asset by trading volume, even when compared to Bitcoin.

At the time of writing, the 24-hour trading volume of Tether was US$23 billion, which is 48% higher than the total daily trading volume of Bitcoin. If this asset were to suddenly ‘de-peg’ or disappear, the entire crypto market could fall to pieces in the blink of an eye.

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