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Hedge fund short-sellers target tether

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US dollar-pegged stablecoin tether (USDT) has become a short target for crypto-focused hedge funds, according to a report by The Wall Street Journal.

US dollar-pegged stablecoin tether (USDT) has become a short target for crypto-focused hedge funds, according to a report by The Wall Street Journal.

The report quotes Leon Marshall, head of institutional sales at Genesis Global Trading, as says in that interest from traditional hedge fund looking to short tether is on the up with short positions in the crypto currency thought to worth at least “hundreds of millions” of dollars. Some traders are believed to be shorting tether as a broader hedge against the economy.

The news comes nearly a month after the meltdown in terraUSD (UST) another dollar-pegged stablecoin.

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