Triggered by this week’s sell-offs, Jim Cramer expressed his concerns that Tether, as “the Achilles heel” of cryptocurrency, brings further risk exposure to markets.
“Tether, which is the giant stablecoin, could be basically the Achilles heel of the entire Bitcoin operation, which is very worrisome because we don’t know what they own,” he told The Street.
This comes as Circle’s USDC stablecoin gets the nod from auditors Grant Thornton, who signed off on its Account Reserve Report.
Tether FUD is nothing new. Indeed, worries that USDT issuance is not being 1:1 backed by dollars (or similarly liquid assets) have since been proven true. Yet, remarkably, “getting caught out” doesn’t seem to affect its standing.
Nonetheless, with USDC …