Disruption in Tether’s Value Could Be Crypto Equivalent of ‘Breaking the Buck’: Former CFTC Chairman

In an opinion piece for Bloomberg published Monday, Massad compared the hypothetical occurrence of tether’s value falling below $1 with the Reserve Primary Fund “breaking the buck” in September 2008, the day after Lehman Brothers filed for bankruptcy. The net asset value (NAV) of the $65 billion fund, which held Lehman commercial paper among its assets, fell below $1 a share, causing demand for withdrawals to escalate and prompting a run on money market funds in general.

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