In the exploding realm of cryptocurrencies, a new line of financial products has emerged that has caught the attention of both investors and regulators—so-called 'stablecoins,' which are backed by cash or another reserve asset.
into Tether that said there were periods of time when Tether did not have access to banking and"held no reserves to back tethers in circulation at the rate of one dollar for every tether, contrary to its representations." As part of a settlement reached with James’ office, Tether is barred from doing business with New Yorkers but admitted no wrongdoing and pledged increased transparency.
"If everybody thinks Tether is going to be a stablecoin, it will work as a stablecoin and the few people that need to exchange it at the 'Tether store,' to be colloquial, would do that," he said.
Segram said that while stablecoins can"regulate themselves to some extent by being transparent with the public, I think Yellen is calling for more top-down regulations rather than let it be voluntary." "If for whatever reason that stablecoin has a shock to it -- that can be a systemic event to the financial system," he added."That is what's on the Fed's radar."earlier this month in Aspen.
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