In just over a decade, Tether has grown from an idea into a global crypto juggernaut, poised to become one of the world’s most highly valued private companies. But where did its dollar-linked stablecoin come from and where is it headed?

On today’s Big Take podcast, Bloomberg reporter Todd Gillespie and guest host Stacey Vanek Smith unpack one of the most powerful companies you’ve (maybe) never heard of.

Read more: With Billions to Spend, Tether Finds New Allies in Washington

As Lutnick Sold Cantor to His Children, Tether Gave Them a Loan

Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Todd Gillespie, Ryan Weeks, Annie Massa; Edited by Aaron Edwards, Janet Paskin.

Fact-checking by Rachael Lewis-Krisky, Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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From London to California, calls to “tax the rich” are growing. But what are they calling for in practice, and how are governments responding?

On today’s Big Take podcast, host Sarah Holder talks to Bloomberg reporters Charlie Wells and Laura Nahmias about the fight over taxes for the world’s wealthiest, and what a political tussle between New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul reveals about the hurdles some measures are facing.

Read more: ‘Soak the Rich’ Battle Cry Is Rising From London to California

We’re also closely watching US President Donald Trump’s threats to Iran today, after he posted on Truth Social that “a whole civilization will die tonight, never to be brought back again.” Trump’s deadline for a deal with Iran, including reopening the Strait of Hormuz, is 8 p.m. ET.

This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. You can also listen to the latest at Bloomberg News Now.

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Julia Press; Reported by Charlie Wells, Laura Nahmias; Edited by Aaron Edwards.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

See omnystudio.com/listener for privacy information.

In a press conference on Monday, President Trump intensified his threats on Iran — saying the US would attack its bridges and power facilities if it failed to reopen the Strait of Hormuz to shipping traffic by Tuesday night.

On today’s Big Take podcast, host Sarah Holder sits down with White House correspondent Courtney Subramanian to unpack the state of negotiations between the US and Iran, Tehran’s rejection of a temporary ceasefire and the mounting pressure from voters and international leaders.

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