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

Tether has issued a record number of USDT tokens over the past month. Now the company has announced its plansburn 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 had issued another $120 million tokens. 

Every Whale Alert about Tether is nowaccompanied by a barrage of criticism against the company. Most users believe that the USDT typewriter should have been stopped long ago. Some claim that the uncontrolled issuance of stablecoins has a negative impact on the price of BTC. 

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.

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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Based on materialsbeincrypto.com