Tether (USDT), the largest stablecoin, a crypto token pegged to the US dollar.
It holds more than $135 billion in reserves, largely in US Treasury bonds, backing its tokens.
It uses Howard Lutnick's firm Cantor Fitzgerald as an intermediary, and it spreads the dollar's dominance into the crypto world while bypassing the traditional banking system.
It shows how the US dollar's reach can be extended into crypto and around normal banks, giving it influence far beyond ordinary banking channels.