Tether plans to burn USD 220 million after printing 120 million yesterday

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The Treasury of rope

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.

Tether USDT

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).

Source: Twitter

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.

Source: Twitter

The timing of burning after spending more USDT is strange and the reason is unknown.

Tether critic

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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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.



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