Tether, a stablecoin that trades under the ticker USDT, is the third-largest digital token by market value. It’s also one of the most actively traded tokens in the entire ecosystem and comes with two promises: each Tether has a stable value of $1 and each of those tokens is backed by a “real” dollar, or similarly liquid and reliable financial asset, like a bond issued by the US government. Those promises have not always been kept, which has kept Tether in the crosshairs of regulatory scrutiny and investor speculation.

Bloomberg reporter Emily Nicolle joins this episode for the latest on Tether and its asset reserves.