$73 billion is the stated scale of Circle, the stablecoin group at the center of new court filings that detail an extended legal dispute with Heka Funds. The fund is backed by Tether. Market manipulation concerns drove the clash, according to the filings.
The Tether connection
Heka Funds carries Tether backing, placing Circle and a Tether-connected fund on opposing sides of active litigation. In a market where stablecoin issuers compete directly for dollar-peg volume, a legal conflict structured this way goes beyond a standard bilateral dispute.
Manipulation claims in this context implicate supply management and peg stability. Those questions extend beyond the named parties.
What the filings add
New court documents detail a legal battle described in the filings as long-running. Heka Funds and Circle are the named adversaries. The market manipulation basis is explicit. Circle's $73bn is the figure attached to the stablecoin group in the filings. The new documents extend a public record of a conflict already in motion before this round of disclosures.