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

Tether has released its latest USDT token, increasing the total reserve by $3 billion in two weeks. The banking partners of Tether are still yet to be announced, which could cause a lack of legitimacy from some users and critics. However, this is not likely to break up the company’s current partnership with Bitfinex

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In the past 2 weeks, Tether has minted an additional $3 billion of USDT. The coin is currently worth $0.92, up from its previous value of $0.78. Read more in detail here: tether coin price.

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Tether’s circulation supply has risen to $76 billion after the team issued an extra $3 billion in the currency over the previous two weeks, with $1 billion of the new coins being coined on Tron Network on December 4.

Tether releases a new currency, but its backing is being questioned.

USDT’s new circulating supply, which is roughly $76 billion, is now almost twice that of its closest competitor, USD Coin, according to accessible statistics (USDC)

This new mint comes at a time when USDT is under fire from market experts who say the token has sufficient cash to support its reserves, with reports claiming that just a tiny portion of the Stablecoin is entirely backed by dollar reserves. Tether only has 2.9 percent of its supply in Dollar reserves, according to a Financial Times analysis.

Despite its increased transparency efforts, Tether continues to be scrutinized by authorities and the general public. Indeed, as authorities become more interested in regulating the stablecoin market, concern about its cash reserves and other backings is likely to grow. Tether was recently fined $41 million by the Commodity Futures Trading Commission for its lack of openness.

We have concerns about Tether’s validity, therefore we’re launching the Hindenburg Tether Bounty Program today, offering a reward of up to $1,000,000 for information about Tether’s backing.

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

October 19, 2021 — Hindenburg Research (@HindenburgRes)

Hindenburg Research, another site, has given up to $1 million in incentives for any information on Tether’s support.

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Sherrod Brown, the head of the United States Senate Banking Committee, emailed the CEO of the stablecoin corporation, Jean-Louis van Veld, about his worries about the stablecoin and its activities. Tether, on the other hand, has pledged to work with worldwide policymakers on stablecoin concerns.

Other stablecoins have pledged to implement transparency and accountability measures as well. Circle, a USDC issuer, said earlier this year that it will take similar steps after being subpoenaed by the Securities and Exchange Commission.

Posted in: Adoption, Tether

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