USDT Adds Almost $15 Billion in First Two Months of 2021
Meanwhile, FUDsters find something new to cope with, and Tether gets blackmailed over “bogus” documents.
The latest FUD surrounding Tether is the forged documents circulating online that purport to be between the personnel of the USDT stablecoin issuer and the representatives of the Deltec Bank & Trust.
“The documents are bogus,” said Tether on Twitter.
The documents are circulated by the Twitter user Trolly McTrollface who claims the latest leaked email is from May 3, 2020, in which Tether is asking for help “presenting their reserves in the best possible light” to its bank Deltec, which keeps the USD reserves.
Calling this a “crucial piece of the puzzle,” the Twitter user says it was just two months before that when “Tether started printing like crazy” and “Binance decided to switch from Bitcoin to USDT as collateral for leveraged trading.”
Apparently, Tether got a stake in the leading spot trading platform, and in exchange, Tether plowed their reserves to save the crypto market after the crash, argues the Twitter user.
To be reminded, the March sell-off occurred in the macro markets as well, from stocks, gold, oil to USD, and ever since then, everything has been pumping.
Tether rebuffs these claims, saying they have been receiving a ransom demand for 500 BTC to prevent the leakage of the documents “in an effort to “harm the bitcoin ecosystem.”’
“We are not paying,” Tether responded in no unclear terms adding, “those seeking to harm Tether are getting increasingly desperate.” While “pretty sad attempt at a shakedown,” the firm says these forged communications and ransom demands have been sent to law enforcement.
The latest round of FUD has been manufactured after the settlement with the New York State Attorney, putting an end to all the concerns of lack of transparency, the backing of USDT, and legal scuffle. The firm said at the time,
“No finding that Tether ever issued without backing or to impact crypto prices. This settlement shows our commitment to the future of the industry and to transparency with quarterly disclosures of Tether reserves going forward.”
USDT, meanwhile, remains unaffected by all the FUD as the market cap of the dominant stablecoin nears $36 billion. It has added almost $15 billion to its market capitalization since January 2021, “more than all other stablecoins current market caps combined.”
The price of Bitcoin, which is on an uptrend marking a green start of the week and the month, has rallied more than 65% during this period.