The controversial stablecoin named Tether (USDT) has recently issued a new batch of tokens with a combined worth of $50 million. The news was first reported by the block explorer OmniExplorer.
After releasing 300 million USDT tokens in March 2018 with a price of $1 each, Tether has been up and down – and lost around $300 million over the past month. From the $2.7 billion market cap that it had in July this year, Tether is now stable at $2.4 billion.
This also puts Tether in second place after Bitcoin when it comes to the daily trading volumes. The stablecoin now sees a $4.2 billion in trades per day – making up 28.16% of all crypto trades, while Bitcoin’s trading volume is $5.7 billion per day – accounting to 38.62%.
Meanwhile, the price of Bitcoin just surged by more than $300 in just a couple of hours, after the drop which saw it go below $6,000 over the past week. Right now, Bitcoin is trading at $6,471, up by a couple of percents in just one day.
The crypto exchange Bitfinex is also sharing the leadership with Tether. Both of the companies were seen as ‘controversial’ due to their lack of transparency. However, Tether’s USDT tokens claim to be backed one-to-one with the US dollar, but the company still needs to submit a public audit.
In June this year, a source reported that a law firm working with Tether unofficially confirmed the legitimate dollar-backing.
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