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THE CRYPTO CRISIS

FALLOUT FROM FTX

Crypto-Crash GuideSBF SubstackSBF InterviewFTX in AfricaCaroline EllisonA Doomed
EmpireNewsletter Signup



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 * WSJ News Exclusive
 * Cryptocurrency


THE UNUSUAL CREW BEHIND TETHER, CRYPTO’S PRE-EMINENT STABLECOIN


THE STABLECOIN HAS BECOME A LUCRATIVE BUSINESS AT CENTER OF CRYPTO ECONOMY

Crypto’s Crash Has Been Swift but Largely Self-Contained. Here’s Why.
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Crypto imploded in 2022, as investors lost faith in digital assets and the
industry was plagued with crisis. But unlike other collapses, it has largely
avoided rippling into other markets. WSJ explains how crypto became so
interconnected. Illustration: Mallory Brangan
By
Ben Foldy ,
Ada Hui and
Peter Rudegeair
Feb. 2, 2023 1:42 pm ET

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Tether Holdings Ltd. operates a $68 billion stablecoin at the heart of crypto’s
alternative financial universe. Far more tether trades each day than bitcoin.

Yet the company’s founders and owners are an unusual bunch with scant experience
at that scale of finance. One founder was a child actor turned early crypto
investor. Another founder and top shareholder practiced plastic surgery before
turning to electronics importing and then crypto. One newer owner has gone deep
into British politics.


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