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

Tether (USDT) has issued fresh exemptions values $50 million on August 11, based on obstruct explorer OmniExplorer.

In overdue March, Tether had released 300 mln USDT tokens priced at $1 per token.

Over yesteryear 30 times, Tether’s market capitalization dropped around $300 million, down from $2.7 billion in mid-July into the current $2.4 billion, based CoinMarketCap.

Tether market cap 1 month graph.

Tether is currently in second place later Bitcoin (BTC) in relation to greatest daily trading volumes, visiting $4.2 billion in transactions every day or 28. 16 percentage of crypto transactions, although Bitcoin’s typical 24-hour trading volume will be $5.7 billion, or 38. 62 percentage.

Yesterday, August 11, the purchase price of Bitcoin soared by $300 within the span of just a few hours, after a fall to as low as $6,118. As of media time, Bitcoin is trading at $6,357up just under 1 percent over the day.

Crypto trade Bitfinex, that’s the seventh rated crypto market by 24 hour quantity on CoinMarketCap, shares leadership with Tether. Both firms have come under fire for lack of transparency, as Tether’s USDT tokens claim to be backed one-to-one by USD, however the firm has to submit into a general audit.

On June 13, Tether again confronted criticism after a study that blamed the company for Bitcoin cost manipulation back in 2017. According into the study, Tether’s trade patterns reveal that it had been “used to provide price support and manipulate cryptocurrency prices.”

Later at June, Cointelegraph reported that a law firm working with Tether unofficially confirmed valid dollar-backing.

Original post first appeared in https://cointelegraph.com/news/controversial-stablecoin-tether-issues-new-batch-of-usdt-tokens-worth-50-million

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