Too Long; Didn't Read
Hedge funds have been shorting Tether and betting on a potential collapse of the stablecoin that is pegged to the US dollar. If Tether were to collapse it could have far-reaching implications for the entire Web 3 ecosystem. Tether is the world's 4th largest cryptocurrency and the largest stablecoin with a market cap of 20 billion. The implications are catastrophic if the hedge funds are right in shorting tether. It's hard to overstate just how bad Tethers collapse would be. It would likely mean the game is over.