Controversial Stablecoin Tether (USDT) Spent $415 Million On Printing Presses In 20 Days

The controversial cryptocurrency company and the business behind the dollar-pegged ‘stablecoin’ Tether (USDT) have printed $415 million worth of new tokens this August alone, making this a new record for printing press material.

USDT, which is currently ranking at the eight position by its market cap, had already issued more than $200 million worth of its cryptocurrency in August. However, the firm kept the virtual printing presses running – and even issued 20 million USDT on Saturday which brought the total to $415 million at the time of writing.

With a current market cap of $2.7 billion, Tether is now the eight most valuable cryptocurrency. However, what makes it unique is the $1 price point which it maintains – all in order to link to the value of the US Dollar, allowing investors to easily swap if for crypto or trade using it.

Over the past 24 hours, more than $2.6 billion worth of USDT changed hands which is another proof that the stablecoin scenario works on the crypto market – and that the $251 million worth of tethers fluctuating on the market have not yet been released.

Aside from the multiple allegations that USDT has been used to ‘manipulate the BTC price’, Tether has faced a lot of criticism over the past few months. To reply to this criticism, the company created a “Transparency Report” and even hired a former Bank of Montreal expert in order to head its regulatory compliance efforts.