Leading cryptocurrency exchange Binance plans to launch a stablecoin within two months, in an apparent challenge to the dominance of scandal-plagued Tether.
In recent weeks, more than half of all bitcoin trades took place against Tether. Yet few knew for certain if there were dollars backing those tokens. This week, Tether released a letter from its bank, Bahamas-based Deltec, saying, “We hereby confirm that, at the close of business on October 31, 2018, the portfolio cash value of your account with our bank was US$1,831,322,828.” That amount was nearly $55 million above the amount of Tether tokens in circulation. Over and done with, right? Not exactly. Crypto Twitter talmudicly began parsing the letter, particularly the second part, which reads: “This letter is provided without any liability, however arising, on the part of…