The Treasury ofIt has been notorious for printing an unprecedented amount of USDT for two months. He has just minted another USD 120 million.
There has been an explosion of USDT in recent months, issued by Tether. In a sense, the total supply of USDT has increased more than 43% since the beginning of March. However, Tether shows no signs of slowing its emission rate.
Tether spends another $ 120 million
As reported by the Whale Alert (@whale_alert), just $ 120 million was minted in Tether. As Paolo Ardoino, CTO of Bitfinex, made clear, it is, as always, “replenishment”.
, 000 ? ? ? ? ? ? ? ? ? 120,000,000 #USDT ($ 119,950,661) minted at Tether Treasury
– Whale alert (@whale_alert) April 14, 2020
USDT has flooded the market at unprecedented speed in the past month and a half. As BeInCrypto reported several times, March was a very busy month for Tether Treasury. As a result, stablecoin’s market cap has exploded. Tether said its total assets are now $ 6.9 trillion. Just a few weeks ago, on March 27, BeInCrypto reported that the USDT had exceeded the $ 6 trillion mark.
USDT demand appears to have largely come from the stock exchanges. Exchanges like Binance, Bitfinex and others now have more USDT than ever before. It is unclear why the exchanges are increasing their USDT reserves. As reported by BeInCrypto in February, Binance suffered from a USDT lack of margins, which could explain why they are now saving more.
The voice of the critics is worried
It is speculated that Tether is taking advantage of the current chaotic situation to spend a record USDT. There is no guarantee that the USDT will be backed by real dollars. No independent audit has been carried out, and we only found out about Bitfinex’s relationship with Tether Treasury after it was impossible to deny it. Every new amount of USDT is included in the answers with increasing criticism.
Amounted to pic.twitter.com/uor0MxwRAx
– Khlilo (@ Khlilo98) April 14, 2020
How is that still legal, 3 years later lol
– Emanuil Boyanov (@ iLeeT7) April 14, 2020
Tether is not intimidated by ongoing criticism and continues to issue USDT. However, there are still legal problems on several fronts. The New York attorney general filed a lawsuit against Tether last year for “borrowing” $ 850 million to fund the lack of funds related to crypto capital.
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