Paolo Ardoino, CTO of Tether, said USDT is still in issue, with USDT totaling $ 100 million recently issued.
Tether’s Chief Technical Officer (CTO) Paolo Ardoino issued a statement Aug. 1 to correct reports that said USDT has not been issued for two consecutive months. Responding to well-known Chinese reporter Colin Wu, Ardoino said the emissions will continue, albeit in smaller quantities. He also pointed to blockchain transaction information showing emissions, with 100 million being spent two days ago.
USDT is the most active stablecoin on the market with a market cap of over $ 62 billion. Its closest competitor is USD Coin (USDC) with a market cap of around $ 27 billion. USDT’s market capitalization has doubled since the start of the year.
Tether has been minting new tokens all the time for the past 12 months, and this has been a warning sign for some. It has received a tremendous amount of criticism, sometimes labeled a fraudster and sometimes doubting its reserves. Michael Saylor, CEO of MicroStrategy, has referred to the uncertainties surrounding Tether as FUD, which would not affect Bitcoin.
Some of these criticisms go back years, but Tether intends to address some of them soon with an soon-to-be-released audit. Tether and Bitfinex have also reached an agreement with the New York attorney general and paid a fine of $ 18.5 million.
The future of stablecoins
But there could be a wave of good news for Tether. General Counsel Stuart Hoegner said on CNBC that an exam could arrive in a few months. This would dispel a significant part of the concerns about the digital currency that had to endure turbulent years.
At one point, Tether caused a stir when co-founder William Quigley said it didn’t matter if USDT was backed by an equal amount of dollars. Investors have only been paying more attention to it since then. Should Tether be able to show that it has all of the dollar reserves it needs to meet its supply, investors will be much happier.
Tether will follow USD Coin, which released a transparency report to promote accountability and transparency in this area. The report found that over 60% of USDC supply was covered by cash or cash equivalents. This seems to be becoming an important part of the room, and Tether will want to take his own steps in this regard.
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