Crypto Market Risk Rises as Tether Migrates to More Blockchains
Tether, the controversial token that serves as a conduit for trading coins on many of the world’s largest crypto exchanges, is becoming the means for conducting transactions on a spate of new blockchains, the distributed digital ledgers that underpin the digital assets.
The migration from the dominant Bitcoin and Ethereum platforms risks making it more difficult for investors to track transactions, going against one of the key tenets championed by crypto advocates since the advent of the self-styled alternatives to money a decade ago.
“Tether has historically enjoyed obfuscation,” said Edwin Ong, co-founder of San Francisco-based digital assets analytics provider Blockspur. “With them being on different blockchains, it’s harder to figure out what’s going on.”