Did Tether Produce $415 Million in (USDT) in August or..?
The digital asset tied to the value of the USD, also referred to as a stablecoin, Tether [USDT] has supposedly produced nearly $415 million tokens for the month of August. Since then, it has managed to secure 8th position within the top ten cryptocurrencies list. At the time of writing, USDT has a total market capitalization of $2.7 billion, with its token price sitting at $1 and a total trading volume of $2.5 billion.
As per CCN’s reporting, Tether Treasury holds a total balance of 250 million worth of tethers, which are yet to be offered to the public. The news outlet also evaluated its volume-to-market cap ratio as being nearly 95 per cent, which signifies that the token has value and is in use.
With more tethers in circulation, what could possibly go wrong? According to the claims made, tether’s nature is problematic. That is, the team behind the stablecoin has yet to release a complete audit. What many believe is that the lack of disclosure directly reflects the lack of transparency, which is a large facet of the crypto sphere. Furthermore, the firm was previously blamed for possibly playing a role in deploying Bitcoin prices, as it operates in a more private manner.
Since the rise of multiple allegations, the tether team was quick to respond. In particular, the team revealed that one of the big four accounting firms to date, i.e. PwC has agreed to evaluate the firm and its financial statements.
As the firm progresses, another announcement revealed that a more open approach would be taken. To prove this, a report dubbed “Transparency Update” was disclosed to show that it was “fully backed by physical dollars deposited in two separate banks.”
Do you think the Tether team has something to hide? Can Tether possibly manipulate the crypto market? Share your thoughts below!
Anyone still defending Tether at this point is either grossly naive or a hypocrite. pic.twitter.com/Vu4825m5OD
— Madoff wasn't on the blockchain (@bccponzi) August 15, 2018
You saw it here first: Tether Treasury just sent 50 million Tether to Bitfinex. That's a total of 270 million Tether over 96 hours.
— Giancarlo The Tether Whisperer (@CasPiancey) August 16, 2018
lol 25 million more Tether in circulation.
Happy trading. pic.twitter.com/ARmopR8R9S
— Giancarlo The Tether Whisperer (@CasPiancey) August 18, 2018
It is with 100% certainty that the price rebound from $5800 until right now has been artificially supported by Tether.
It’s clear to anyone who isn’t a gullible moron that the hundreds of millions of counterfeit USDT transferred from Tether to BFX has helped stem the bleeding.
— Bitfinex Parody (@Bitfinex2) August 19, 2018
I understand the demand for stablecoins, but a great alternative to Tether that all exchanges could use is TrueUSD, who provide full details of their audits.
Why do exchanges continue to use Tether when it is shrouded in mystery & evasive to full transparency?
— Bitfinex Parody (@Bitfinex2) August 17, 2018
people are talking about tether creation again and asking my opinion … the great things about blockchain is you can audit them. so i took a look at the grant wallethttps://t.co/UTz33t8Nbb
hasnt moved since June. No new tether created.
— I am Nomad (@IamNomad) August 15, 2018
To echo Nomad's point ^ and community feedback, the article is misleading as Tether has not minted any new tokens since June 25th. They’re shuffling the same tokens between Bitfinex and the treasury wallet. When Bitfinex has too many, they send them to the multisig Treasury wallet to prevent a repeat of the 30 mil hack last year. They don’t show “in circulation” while in the Treasury wallet. The only accurate part of the article is that they have yet to perform an audit even though more headlines of recent surfaced about the new former FBI director being brought in as head of compliance. The Tether bomb has yet to blow up, and maybe the slow burn of one of the most controversial cryptocurrencies to use and trade with can go from a big bang to a soft sizzle as the bear market continues inside the new financial world of crypto-based blockchain-built digital assets.
Tether has minted ZERO new tokens in August.