US Fed sees Tether (USDT) as a threat to financial stability

Stablecoin Tether (USDT) poses risks to the stability of the financial system, said the President of the FederalReserve Bank in Boston Eric Rosengren atevent on Friday. In one of the slides in his presentation, Rosengren referred to "intermittent disruptions" in short-term credit markets, citing Tether as an example of a "new disruptor."

On the same day, Rosengren gave an interview to Yahoo Finance, in which he revealed his position in more detail:

“The reason I talked about Tether andstablecoins, is that if you look at their portfolios, they essentially look like the main fund portfolios of the money market, but maybe more risky. Tether has a variety of assets that have spread wide enough during the pandemic. "

In this case, widening the spread meanswidening the gap in yield between risky assets, such as corporate bonds, and safer ones, such as government bonds. Tether in May first provided details of the distribution of USDT-backing assets. It turned out that almost half of its reserves are in commercial papers. Wall Street officials later said they were unaware of the presence of such a large investor in the market.

“We need to think about what, in a broader context, can cause disruptions in short-term lending markets,Rosengren continued.

Of course, stablecoins are one of the elements.I fear that the stablecoin market, now virtually unregulated, is becoming an increasingly important sector of our economy as it grows, and we must seriously consider what happens when people quickly run out of these instruments. "

Wall Street veteran and bitcoin advocate Caitlin Long finds Rosengren's comments noteworthy:

“Interestingly, Manager Brainard andChairman Powell talked about "stablecoins." But now Rosengren is bluntly referring to Tether. This is escalation. The Fed is extremely Fedspeak savvy. They use constructs so carefully that different parties can see their meaning in the Fed's statements. The same was true of their earlier stablecoin claims. But today the Fed has moved into a more active phase. They are rarely as straightforward as they are today. "

The word "Fedspeak" was originally used to describe the styleformer Fed Chairman Alan Greenspan to make verbose statements that can be interpreted in several ways, and then a similar tendency of his successors. Long urged bitcoin supporters who view concerns over Tether as overvalued to "not kill the messenger."

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

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Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features — futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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