COMPANY BEHIND TETHER ‘TOKEN' FINED $41M BY US REGULATORS
Techlife News|Techlife News #521
The company behind a digital token called Tether has agreed to pay $41 million to settle charges that it misled investors by claiming the token was fully backed at all times by U.S. dollars and other fiat currencies

The Commodity Futures Trading Commission said it charged Tether Holdings Limited with making untrue or misleading statements and omissions in relation to its claims. Specifically, the U.S. regulator found that since launching the token in 2014, Tether Holdings represented that it was a “stablecoin” with its value pegged to fiat currency, including U.S. dollars and euros.

A stablecoin is a digital currency backed by real-world assets such as national currencies or other commodities. Unlike Bitcoin and other cryptocurrencies, stablecoins are designed to not fluctuate wildly in value.

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