TechFlow learned that following the collapse of TerraUSD (UST), more traditional hedge funds have executed short trades on the stablecoin Tether (USDT) through cryptocurrency brokerage Genesis Global Trading over the past month. Leon Marshall, head of institutional sales at Genesis, said the notional value of these trades was "hundreds of millions of dollars," though he declined to provide further details. In an interview, Marshall said, "Interest from traditional hedge funds has surged significantly—they're now closely watching USDT and considering shorting it." (Wall Street Journal)
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