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Tether pays out $10bn in withdrawals since start of crypto crash

Pace of withdrawals in May means ‘stablecoin’ company effectively dealing with slow-motion bank run

Tether, the multibillion dollar “stablecoin” that functions as the largest bank in the cryptocurrency economy, has paid out $10bn (£8bn) in withdrawals since the crypto crash started in early May.

The pace of withdrawals means the company is effectively dealing with a slow-motion bank run, as depositors seek to move their cash to more heavily regulated stablecoins.

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