August 4, 2021

Tether prints more and more USDT, but plans to burn them

Tether prints more and more USDT, but plans to burn them

Tether has released a record number of USDT tokens over the past month. Now the company announced its plans burn 220 million stable coins.

According to BeInCrypto, over the past 25 days, the Tether fund has issued over $ 1 billion in USDT stablecoins. Tether currently has a market capitalization of $ 7.4 billion.

On April 22, the Whale Alert service announced that the company issued another $ 120 million tokens.

Tether prints more and more USDT, but plans to burn them

Every Whale Alert notice about Tether is nowaccompanied by a flurry of criticism of the company. Most users think the USDT typewriter should have been stopped a long time ago. Some claim that uncontrolled issue of stablecoins negatively affects the price of BTC.

Tether prints more and more USDT, but plans to burn them

Bitofinex CTO Paolo Ardoino, for any criticism towards the project, publishes the same answer: “we are simply replenishing supplies.”

This week the company announced its plansburn 220 million USDT. At the moment, it is not known why such a decision was made and why it was made right now, after the release of a record number of stable coins.

Tether prints more and more USDT, but plans to burn them

Recall that earlier Bitfinex and Tetherhave been indicted by US regulators. In 2018, Bitfinex lost $ 850 million in customer assets. Shortly thereafter, Tether allocated money to the exchange to cover the debt from its fund. According to the New York attorney, the company continued to assure the market that USDT was fully “secured” by US dollars, which are safely stored in a bank account, even though they were no longer there.

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According to the materials beincrypto.com