The Treasury ofShe has been busier than ever in the past month. Now he plans to burn $ 220 million for an unknown reason.
The Tether Treasury has increased its stablecoin issue in the past month and a half. As BeInCrypto recently reported, the largest stable coin has spent over USD 1 billion in the past 25 days. That is an amazing amount. According to its own transparency report, Tether has a market capitalization of around $ 7.4 billion so far.
However, USDT continues to issue at an accelerated rate.
Minted another USD 120 million, plans to burn some
Yesterday, the cryptocurrency community was not surprised to discover that Tether raised another $ 120 million. The show was recorded by Whale Alert (@whale_alert).
As Tether publishes more and more USDT, criticism of Twitter has grown stronger. Every whale alert notification is now bombarded with criticism that Tether’s monetary impression has gone too far. However, Paolo Ardoino, CTO of Bitfinex, continues to ignore them and always publishes his standard follow-up response: all of this is just a “replenishment”.
Interestingly, each “replenishment” seems to have the same amount: USD 120 million.
This morning, Tether also announced plans to burn about $ 220 million.
The timing of burning after spending more USDT is strange and the reason is unknown.
In the past two months we have seen a wave of stall coins flooding the market. However, Tether obviously leads the group.
Although the pressure on Tether’s money last month was strange at first, many are more open to criticizing it. Not only has the coin never been properly checked by a third party, it is also of great value in the crypto dependency network. And as your market cap grows, stakes continue to rise. The fall of Tether would devastate the market, especially now, so such concerns are justified.
Tether Treasury is now a supported extension of the Bitfinex exchange, but this fundamental fact was only supported when it was revealed in secret documents. The fact that Bitfinex and Tether used newly issued USDTs to cover $ 850 million in lost funds shows how the stable coin works, according to a New York court case.
USDT is now flooding the market in record amounts. The pockets are filled with the currency like never before. However, many questions remain unanswered and Tether’s criticism is growing louder.
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