More money in Tether than most US Banks

According to Bloomberg, who noted the stable coin had $50B in circulation. About a one minute read.

Comment: I have to admit I’m surprised at this figure, but its no secret Tether is a safe haven for crypto traders. Far easier to liquidate a position and move proceeds to Tether than it would be to move proceeds to a bank account. Also, and this is key — using tether avoids KYC / AML hassles when large sums move in and out of bank accounts, at a relatively high frequency.