Tether and USDC are 'stealth hedge funds,' warns $620B asset manager — and a liquidity crisis could prove it!

Christoph Hock, head of Tokenization and Digital Assets at Union Investment — one of Germany's largest institutional asset managers with nearly $620 billion in AUM — delivered a blunt verdict at the Digital Money Summit 2026 in London: USDT and USDC are not stablecoins. His argument centers on…