Of all the legal actions taken against cryptocurrency companies by US regulators and prosecutors over the past year, arguably none threatens to shake up the digital-asset industry as much as a potential crackdown on Tether Holdings Ltd.

Tether is the issuer of a namesake token known as USDT, designed to be a digital substitute for the US dollar, with a market capitalization of about $12O billion. It ranks as the third-biggest cryptocurrency by value, and is the most-traded token on a daily basis due to its role as a stand-in for the dollar in markets where traders aren't able to use traditional currencies for transactions.

Source: Bloomberg

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