Stablecoin

 tether the cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily.

In essence, tether is a digital U.S. dollar—though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments. 

Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados. 

But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement.

Wall Street Journal 10 September 2024

https://www.wsj.com/finance/currencies/tether-crypto-us-dollar-sanctions-52f85459

Forget the Cayman Islands, the United States is now the place

https://englundmacro.blogspot.com/2023/08/forget-cayman-islands-united-states-is.html