Big Take Podcast

The Most Powerful Crypto Firm You’ve Never Heard Of

Tether has quietly grown from an idea to a crypto giant with more than $100 billion held in US Treasuries.

The Tether logo at a Bithumb exchange office in Seoul.Photographer: Jean Chung/Bloomberg

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In just over a decade, Tether has grown from an idea into a global crypto juggernaut, poised to become one of the world’s most highly valued private companies. But where did its dollar-linked stablecoin come from and where is it headed?