Tether mints an additional $3 billion of USDT in past 2 weeks

2021-12-7 21:30

Tether’s circulating supply has increased to $76 billion as the team minted an additional $3 billion worth of the asset during the last 2 weeks, and most notably $1 billion of those new coins were minted on Tron Network on December 4.

Tether mints new coin, faces scrutiny about its backing

According to available data, USDT’s new circulating supply which is around $76 billion is now less nearly double that of its closed rival, USD Coin (USDC)

This new mint came when USDT is generally facing heightened criticism from market experts who believe that the token has less cash to back its reserve, as there are reports that just a small fraction of the Stablecoin is fully backed by dollar reserves. A report from Financial Times revealed that Tether only has 2.9% of its supply in Dollar reserves.

Even though Tether has stepped up its transparency efforts, it continues to face scrutiny from regulators and the community at large. In fact, with regulators becoming more interested in regulating the stablecoin market, interest over its cash reserves and other backings would only increase with time. Just recently, the Commodity Futures Trading Commission fined Tether $41 million for its lack of transparency.

We have doubts about the legitimacy of Tether, so today we announce the Hindenburg Tether Bounty Program, a reward of up to $1,000,000 for details on Tether’s backing.

(1/x)https://t.co/DP5dWDcYmJ

— Hindenburg Research (@HindenburgRes) October 19, 2021

Another platform, Hindenburg Research, has offered rewards of up to $1 million for any information regarding the details of Tether’s backing.

As still part of the concerns over its operations, the U.S Senate Banking Committee chair Sherrod Brown wrote the CEO of the stablecoin company, Jean-Louis van Veld regarding concerns over the stablecoin and its operations. Tether, however, has vowed to remain cooperative with global lawmakers on issues about stablecoin.

Other stablecoins have also vowed to take transparency and accountability steps. Earlier in the year, USDC-issuer Circle said it would take such measures in an announcement after it was subpoenaed by the Securities and Exchange Commission.

The post Tether mints an additional $3 billion of USDT in past 2 weeks appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Tether (USDT) на Currencies.ru

$ 1.001 (+0.00%)
Объем 24H $177.124b
Изменеия 24h: 0.01 %, 7d: 0.07 %
Cегодня L: $1.0008 - H: $1.0014
Капитализация $132.239b Rank 3
Цена в час новости $ 1.0015 (-0.05%)

billion weeks tether additional minted notably coins

Источник: cryptoslate.com

billion weeks → Результатов: 126


Фото:

Is The Prevailing Rally A Fakeout or Real BTC Rally? Why Recent 50% Tanking Explains The Former

During the weekend, Bitcoin recorded the largest single-day price pump of 12.5% in a single day in the last six weeks and the entire crypto market added more than $100 billion in value. The recent pump largely defies the expected bearish trend late last week, causing speculation by some analysts that it was a fake-out pump […]

2021-7-28 17:49


Why this Bitcoin cycle is 'going to be somewhat different than any other cycle we’ve seen'

With a market cap of almost $700 billion, Bitcoin was trading within the $36k price bracket at press time. This, after a volatile few weeks which saw the world's largest cryptocurrency trade as high aThe post Why this Bitcoin cycle is 'going to be somewhat different than any other cycle we’ve seen' appeared first on AMBCrypto.

2021-6-12 02:30


Фото:

Over 1.5% of Entire Ethereum Supply Staked on ETH 2.0

Three weeks after it was launched, the Beacon Chain now holds almost 1. 6% of the entire supply of Ethereum, worth an estimated $1. 1 billion at current prices. According to the latest ‘Week On-Chain’ insight report from analytics provider Glassnode, the amount of Ethereum staked on the Beacon Chain, which launched smoothly three weeks ago, is … Continued The post Over 1.

2020-12-22 10:08


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

USDT Netflow Hits Record $1.8B, Fuels Crypto Market Surge

The crypto market is witnessing a surge in buying power as USDT netflow hits an unprecedented $1. 8 billion. This influx of stablecoins typically signals increased market activity and often drives demand for Bitcoin and other cryptocurrencies.

Crypto firms launch the Global Dollar stablecoin to boost adoption

The Global Dollar is issued out of Singapore by Paxos and is “substantially compliant” with the MAS Tether’s USDT stablecoin accounts for more than 75% of the market Kraken’s co-founder said there is a “lack of competition” in the stablecoin market A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the […] The post Crypto firms launch the Global Dollar stablecoin to boost adoption appeared first on CoinJournal.