Tether Treasury has been busier than ever over the past month. For some unknown reason, it is now planned to burn USDT 220 million.
Tether Treasury has been increasing the issuance of stable coins for the past month and a half. As BeInCrypto recently reported, the largest stablecoin has issued over 1 billion USDT in the past 25 days. That’s an amazing amount. According to its own transparency report, Tether currently has a market capitalization of nearly $ 7.4 billion.
Still, it continues to issue USDT at an accelerated rate.
Another USDT 120 million coined, plans to burn some
Yesterday, the cryptocurrency community wasn’t surprised to find out that Tether was minting another $ 120 million. The issue was picked up by Whale Alert (@whale_alert).
Source: Twitter
Source: TwitterAs Tether issues more and more USDT, the criticism on Twitter is growing louder. Any Whale Alert notification is now blocked by critics who find that Tether’s money printing has gone too far. However, Bitfinex CTO Paolo Ardoino continues to ignore them and always publishes his standard follow-up response: This is all just a “replenishment”.
Interestingly, each “replenishment” also appears to have the same amount: USDT 120 million.
This morning, Tether also announced that it would burn 220 million USDT.
Source: Twitter
Source: TwitterThe timing of burning after issuing more USDT is strange and the reason is strangely unknown.
Tether’s critic
In the past two months we have seen a wave of stablecoins flooding the market. However, Tether obviously leads the pack.
Although Tether’s money printing last month was a strange oddity at first, many are now more open with their criticism. Not only has the stablecoin never been properly audited by a third party, it is now of great value on the cryptocurrency network too. and as the market capitalization increases, the stakes continue to rise. The fall of Tether would ultimately devastate the market, especially now, so such concerns are warranted.
Tether Treasury is now an approved extension of the Bitfinex exchange, but that fundamental fact wasn’t approved until it was revealed in secret documents. The fact that Bitfinex and Tether used newly issued USDT to cover $ 850 million in lost funds, as revealed in a New York court case, shows how the stablecoin works.
USDT is now flooding the market in record amounts. The exchanges are filling up with stable coins like never before. Many questions remain unanswered, however, and Tether’s critics are getting louder and louder.
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