A tale of two currencies pegged to the dollar
Tether rumors continue to swirl in the crypto community as it trades below par.
Meanwhile, the newer stable coin from the Winklevoss brothers is proving to be phenomenally popular. The Gemini dollar, which is convertible to US dollars at 1:1 traded as high as $1.19 and is currently at $1.13, up 7.2% today.
That's a whopping premium to pay for safety but it illustrates the level of fear among crypto investors.
Like in FX or in the real world, your money is only worth as much as the stability of the place where it's stored -- be that an FX exchange, a cryptocoin or a bank.
At the same time, you have to ask, isn't there an arbitrage opportunity here?
