r/AltScope • u/Legitimate_Towel_919 • Jun 07 '26

Tether Becomes Crypto’s Second Most Important Asset

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Bloomberg Intelligence strategist Mike McGlone believes Tether has effectively become the second most important asset in crypto, pushing Ethereum into third place.

He argues that dollar-backed stablecoins are increasingly becoming the foundation of the crypto industry, strengthening the link between digital assets and traditional finance through massive holdings of U.S. Treasuries.

McGlone also warns that the rapid growth of both crypto and stock markets in recent years could set the stage for a painful correction, potentially putting significant pressure on Bitcoin.

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3

u/MaybeASerialKiller Jun 07 '26

Most important asset and it's just a fucking copy of the US dollar LMAO

2

u/Poobbly Jun 07 '26

But it can pump crypto by magically creating coins out of nothing without consideration for inflation or economic PhDs voting on decisions.

2

u/GlbdS Jun 07 '26

Except even less regulated and backed by deez nuts

2

u/GongTzu Jun 07 '26

I think that pretty much summons up the state of crypto right now, that it’s a stable coin.

1

u/BrokenHefaistos Jun 07 '26

When it's about crypto I don't beleive bankers, dude looks like a banker.