The TRON founder has built a crypto empire that would cause collateral damage if it collapsed.
folks write, “a funnel to establish backing for a USD payment network aimed at people who cannot hold USD or transfer them.”
, writing in September of 2022, SBF’s exchange FTX and hedge fund Alameda accounted for almost all of the tether mints on Tron, which functioned like a “central bank or reserve manager for a shadow East Asian USD payment system.”Pegged For instance: If there is an exchange with a related blockchain it can create “pegged” assets by minting representations of real things, including other cryptos, on-chain by supposedly holding assets in reserve at the exchange. In part because of the lack of regulation and in part because of the lack of insight into centralized exchanges, when someone mints a pegged asset it is a trust game.This system – where exchanges get to say, “Trust me 1 pegged BTC will always equal 1 BTC.
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