The fund — often called the first money-market fund — held $785 million of Lehman commercial paper that was suddenly worthless. This triggered a general run on money-market funds that stopped only when the U.S. Treasury issued an extraordinary guarantee of essentially all money-market fund liabilities. Approximately 65% of Tether tokens are held through the Chinese exchange Huobi, according to the crypto analysis firm Long Hash. Although there are almost 3.5 million addresses that hold Tether tokens, the top 10 addresses hold 24% and the top 100 hold 41% of all tokens. When financial markets became highly stressed in March 2020, a run on money-market funds was prevented only by the extraordinary interventions of the Federal Reserve.

Source: Mint May 31, 2021 23:03 UTC