The US crackdown on stablecoins is targeting Tether first

The US crackdown on stablecoins is targeting Tether first

The US government is cracking down on stablecoins, taking its first major shot on Oct. 15 against Tether. The US Commodities Futures Trading Commission fined the popular stablecoin operator $41 million for allegedly misstating its reserves. Stablecoins are cryptocurrencies pegged to certain government-backed currencies or precious metals, like silver or gold.