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Wait, Tether is lending again?

Controversial stablecoin Tether is making loans to its customers. Bloomberg columnist Matt Levine walks through why that’s kind of weird:

If you are in charge of Tether and someone shows up at your office to pitch you on a clever investment that will get you a higher return with only a little risk, you should put your fingers in your ears and scream “NO” and kick them out of your office. You can make billions of dollars of pure profit taking no risk!

Anyway, the implications are even weirder: Tether might be propping up crypto prices.