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Ethereum Classic

Tether has minted an additional $ 3 billion in USDT in the past 2 weeks

Tether’s circulating supply has increased to $ 76 billion as the team minted an additional $ 3 billion of the asset in the past 2 weeks, and most importantly 1 billion of these new coins were minted on the Tron Network on December 4th .

Tether mints new coins and is tested for their support

According to Available dates, USDT’s new circulating offering of around $ 76 billion is now less than double its closed rival USD Coin (USDC).

This new mint came as USDT generally faces increased criticism from market experts who believe the token has less cash to cover its reserves, as only a small fraction of the stablecoin is reportedly entirely covered by dollar reserves. ONE report by Financial Times revealed that Tether has only 2.9% of its supply in dollar reserves.

Although Tether has stepped up its efforts to ensure transparency, it continues to be scrutinized by regulators and the wider community. With regulators becoming more interested in regulating the stablecoin market, the interest on its cash reserves and other collateral would only increase over time. Most recently, the Commodity Futures Trading Commission fined Tether $ 41 million for a lack of transparency.

We have doubts about Tether’s legitimacy, so today we’re announcing the Hindenburg Tether Bounty Program, a reward of up to $ 1,000,000 for details in helping Tether.

(1 / x)

– Hindenburg Research (@HindenburgRes) October 19, 2021

Another platform, Hindenburg Research, has offered rewards of up to $ 1 million for any information regarding the details of Tether’s support.

Still part of the concerns about its business, Sherrod Brown chairman of the U.S. Senate Banking Committee wrote to Stablecoin Company CEO Jean-Louis van Veld regarding concerns about the stablecoin and its business. However, Tether has vowed to work with global lawmakers on stablecoin issues.

Other stablecoins have also vowed to take steps towards transparency and accountability. Earlier this year, USDC issuer Circle announced in an announcement that it would take such action after being subpoenaed by the Securities and Exchange Commission.

Posted in: Tether, Adoption

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