More hedge funds are betting against tether as crypto melts down

Tether is a stablecoin, which are virtual currencies that are supposed to be pegged to the dollar or other national currencies, and it is the most widely traded in the world (Photo: Reuters) — Tether is a stablecoin, which are virtual currencies that are supposed to be pegged to the dollar or other national currencies, and it is the most widely traded in the world (Photo: Reuters)

wsj

3 min read . Updated: 27 Jun 2022, 04:45 PM IST Vicky Ge Huang, The Wall Street Journal

Professional investors got interested in shorting tether after the collapse of another stablecoin, TerraUSD

Short sellers have been ramping up their bets against tether, the world’s largest stablecoin, amid a broad market selloff that has called into doubt the financial health of some crypto companies.