Controversial Stablecoin Tether Issues New Batch of USDT Tokens Worth $50 Million

Tether (USDT) has issued new tokens worth $50 million on August 11, in accordance to block explorer OmniExplorer.

In late March, Tether experienced produced 300 mln USDT tokens priced at $1 for every token.

Around the previous 30 times, Tether’s industry capitalization dropped around $300 million, down from $2.7 billion in mid-July to the present $2.4 billion, in accordance CoinMarketCap.

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Tether industry cap 1 thirty day period chart. Supply: Coinmarketcap

Tether is now in 2nd spot soon after Bitcoin (BTC) in phrases of best every day trading volumes, looking at $4.2 billion in trades a working day or 28.16 per cent of all crypto trades, though Bitcoin’s typical 24-hour trading quantity is $5.7 billion, or 38.62 per cent.

Yesterday, August 11, the price tag of Bitcoin surged by $300 in excess of the training course of just a few of hours, subsequent a fall to as reduced as $6,118. As of push time, Bitcoin is trading at $6,357, up just below a person per cent on the working day.

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Bitcoin 7-working day price tag chart. Supply: Cointelegraph Bitcoin Value Index

Crypto exchange Bitfinex, which is the seventh rated crypto exchange by 24 hour quantity on CoinMarketCap, shares leadership with Tether. Each companies have appear below hearth for deficiency of transparency, as Tether’s USDT tokens assert to be backed a person-to-a person by USD, but the firm has but to post to a general public audit.

On June 13, Tether all over again faced criticism subsequent a research that blamed the firm for Bitcoin price tag manipulation back again in 2017. According to the investigation, Tether’s transaction patterns exhibit it was “used to deliver price tag assist and manipulate cryptocurrency costs.”

Afterwards in June, Cointelegraph described that a legislation business operating with Tether unofficially verified reputable dollar-backing.

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